Presidential election campaign fund designations are more likely to appear on returns filed later in the tax filing season, the IRS said. The IRS reminded taxpayers that the presidential election campaign fund designation does not change the amount of tax or reduce the amount of the refund. The designations have no impact at all in the computation of tax liability. In the filing statistics released this week, IRS noted that filing and processing of returns are still running ahead of last year, with almost 45 million returns filed as of March 9 and almost 33 million processed. Over 3 million returns have been filed electronically, an increase of 281 percent over last year.
Refunds are also on the rise.