According to the Internal Revenue Service, refund delays are expected to occur again this year. The IRS anticipates more than 160 million individual tax returns are anticipated to be submitted.
COVID-19 is still causing problems, but the IRS is reminding consumers that there are critical precautions they can take to prevent being delayed.
Luke Richardson, Associate Professor of Accounting Instruction at the University of South Florida’s School of Accounting said that they are so busy at the IRS. They had a lot to do in the previous several years, and especially in the last year.
Taxpayers may receive a refund within 21 days after submitting a return if they do these steps. According to government officials, payers must have to e-file their taxes, sign up to receive direct deposit refunds, and make sure there are no inaccuracies in the returns.
The way the government handled child tax credits is one major distinction that people should be aware of when submitting their taxes this year. Individuals should pay attention to what they’ve previously got as well as what they’re entitled to in the future.
Taxpayers should be receiving or may have already gotten letters from the IRS saying here’s the amount you received with respect to that credit. There was this potential to collect early payments of those credits throughout the calendar year 2021, based on the written report by the ABC Action News site.
Payers also have to pay attention to those letters because the amount they got earlier will have an influence on what they will be filing on their tax returns.
Tips from the IRS
The Internal Revenue Service (IRS) has issued an urgent warning to taxpayers to file an accurate tax return online this year in order to expedite refunds in the coming tax-filing season in 2022.
To minimize refund delays this year, it’s more crucial than ever to file online with direct deposit and avoid filing a paper tax return. This year, the IRS is urging Americans to make sure they’re prepared to file a complete tax return.
The IRS is not allowed to give a refund for the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February, although taxpayers who are qualified can start filing their forms on January 24.
Important benefits such as the Recovery Rebate Credit (stimulus payment), advance Child Tax Credit, and Earned Income Tax Credit are still available to persons who don’t ordinarily file a tax return and didn’t submit a 2020 form or utilize the Non-Filers service.
To get answers to your tax issues, check the status of your refund, or pay your taxes, go to IRS.gov. People who haven’t yet filed their 2021 tax returns can still do so if their 2020 tax returns haven’t been processed.
Due to a federal holiday, the deadline this year is April 18th.