ON YOUR SIDE: Why your 2022 tax refunds could be delayed
SPRINGFIELD, Mo. (KY3) - The IRS will start accepting and processing tax returns on January 24. And again, the pandemic will play a role in slowing the process down.
The IRS announced on Monday refund timing and what to expect before the April 18 deadline.
“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working nonstop these past several months to prepare,” said IRS Commissioner Chuck Rettig. “The pandemic continues to create challenges, but the IRS reminds people there are important steps they can take to help ensure their tax return and refund don’t face processing delays.”
To help speed up the process, local tax experts suggest you e-file instead of mailing it. They say you need to file as soon as you can.
Tax Agency Pro Tax Consultants says tax changes resulting from COVID-19 through stimulus money will create lots of backlogs.
“Last year it got messy very quickly because people didn’t understand that they were going to have to report their stimulus money and it would be calculated on their return,” said Sandra O’Connor, Pro Tax Consultants Agent. “This year it’s happening again with the Child Tax Credit and other refunds, you have to bring that information in to do your return.”
The IRS is issuing letters to those impacting. The letter contains important information to help ensure your return is accurate.
O’Connor shares you need to double-check you are reporting the Economic Impact Payment and advance Child Tax Credit if received properly and that your totals are correct.
“If there is a difference that you reported your stimulus money as versus the difference that the IRS says that they have sent you, that will hold your return,” said O’Connor. “They are going to go back and recheck it and that in and of itself will be the biggest thing that will hold refunds.”
Another contributing factor to the delay is the IRS workload. It has made a considerable shift and IRS employees working from home or getting COVID-19 themselves will also slow down the process.
“The IRS has more work to do on their end and second of all COVID is the reason for everything being slowed down,” said O’Connor. “When you can work from home it sometimes lends itself to being too relaxed.”
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