Where’s My 2020 Tax Refund?
If you’re wondering where your tax refund is, you’re not alone.
Even with the federal tax filing deadline extended, millions of Americans filed early well before the historical April 15th due date and are still waiting for their tax refund.
Why Is My IRS Refund Taking So Long?
The Internal Revenue Service is experiencing unprecedented demands with sharply reduced resources and staffing. These factors in combination with other new responsibilities are causing longer than normal tax returns processing.
With the passage of the American Rescue Plan Act in March, the IRS has been juggling responsibilities distributing another round of stimulus checks as well as implementing new tax codes affecting unemployed workers and those claiming a child tax credit.
These new responsibilities are on top of an existing backlog processing 2019 returns, and because of pandemic related problems, the 2020 returns are piling up also. The IRS Commissioner, Chuck Rettig, told lawmakers in April that the agency still has millions of returns to process.
Can I Get A Status Update On My Return?
The IRS says that for a straightforward tax refund, a refund typically goes out in 21 days or less. If there are issues, or the return is complicated, it may need additional review, which will add time to the refund processing.
Once a tax return is accepted by the IRS, a tax return preparer has no access to the return and neither does the taxpayer. The only option for a taxpayer is to monitor their refund status through the IRS refund status tool, but many report that the status simply says the return is being processed or is not on file yet.
Need Help Filing Your 2020 Taxes?
For most of the nation, the extended federal tax filing deadline for individuals is May 17th, and for Louisiana taxpayers this deadline is June 15, 2021. Louisiana’s additional extension is a result of federal relief for those affected by severe winter storms in February.
For help with your income tax planning and preparation, taxes, give us a call.