On today’s IRS Tax Update, we are just two weeks away from the start of the next tax season, so we will recap where things stand before the filing period begins and take a look at one of the biggest causes of refund delays, we are going to face this year. We will also check in on those still waiting on last year’s tax refunds and highlight some important key factors when checking those tax transcripts and why they are often more reliable then the Where’s my refund option on the IRS website. Now recapping the latest as we approach the new tax season as the IRS will begin to accept tax returns for processing on Monday, January 29th, for those of you claiming the earned income tax credit or child tax credit your tax return will automatically be placed on hold due to the Path Act until MidFebruary, which means you will not receive your tax refund before late February. The tax filing deadline for most is set for Monday, April 15th while those in Maine and Massachusetts will have until April 17th to file their federal income taxes, and parts of Tennessee impacted by storms will have until June 17th to file. Do make sure to have all tax forms accounted for before filing your federal taxes, as any income that is not reported will result in additional refund delays, and the likelihood you will eventually need to file an Amended Return, currently processing for amended returns is averaging 67 months. Now one of the biggest delays for those tax refunds this year will be the tax return is under additional review or even audit. There are several different reasons why this may happen starting off with something as simple as a data entry error or what the IRS refers to as a Math error when the taxpayer accidentally enters an incorrect number or numbers when working on their tax returns. Now this is actually a very common problem and just three years ago the IRS informed over 17 million tax filers that their tax return contained a math error.


0:00 Introduction
0:27 Tax Season Processing
1:20 Tax Return Backlog
2:04 Refund Delays
4:05 Tax Transcripts
6:22 Closing



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Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.


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