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Friday, July 1, 2022

Tax Refund Update: Why Haven’t You Received Your Refund Yet?

In recent news, the IRS has already announced warnings that there are some who have been experiencing delays with their tax refund. The main reason behind such a problem is that the agency has been undergoing a massive backlog of around 8.5 million unprocessed individual returns.

Also, according to information from CNET, the IRS has already announced that it has quite a few unprocessed returns, which also includes the 2020 returns with amended returns and errors that require special handling or corrections. At the same time, the agency has to also go through the undelivered stimulus checks, child tax credit payments, and several refunds for tax overpayment on unemployment benefits. 

Tax Refund Delay Inevitable

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The problem of tax refund isn’t the only problem that the IRS is facing. According to a review from the National Taxpayer Advocate, the multiple rounds of stimulus payments, the pandemic, the paper-filed returns, and several newly minted laws regarding taxes have meshed together into a perfect storm. The delay is inevitable- despite the IRS processing mail, payments, tax returns, refunds, and correspondences, simply due to the limited resources on hand. 

Your tax refund could also be delayed if you have already gilded for the additional child tax credit or the earned income tax credit. It might also be late if your refund has been deemed a suspect of fraud or identity theft, which could derail the tax proceedings. The stimulus adjustments along with the next round of the $300 child tax credit payments could also be of major help to struggling families but a tax refund would definitely accelerate things up a notch. 

One of the best options to track your tax refund would be to go online using the Where’s My Refund tool, or simply pursuing your IRS account. The agency has also warned its taxpayers to look out for scammers.

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