IRS ISSUED 70 MILLION TAX REFUNDS
IRS issued 70 million tax refunds. With the the April 18th, 2022, tax deadline for most taxpayers now past, the IRS issued a statement saying it has already issued over 70 million tax refunds from filing of tax returns this year. That is from an estimated 103 tax returns that it had received as of April 18th, 2022. Almost all of those were from electronic filers, as opposed to those who filed a paper tax return. The IRS is still grappling with nearly 12 million back tax returns from 2021, which seems like alot, but is better than the 17 million that it was dealing with several months ago. IRS issued 70 million tax refunds.
The paper backlog, and the paper processing system that goes along with it, is one of the oldest, and slowest parts of the IRS entire processing system, that the IRS is working on fixing. In the short term, they are hiring an additional 10,000 people to concentrate a “surge” of work devoted exclusively to getting the backlog of returns caught up, That in addition to the 700 IRS employees who were oved from normal duties to also working on the “surge”, the filing of tax returns. In the long haul, modernization of the IRS computer system, and adding thousands of additional staff to the IRS workforce are in line to modernize the agency, so these types of issues never happen again.
That also means additional audits and aggressive Collection Actions, like IRS Wage Garnishment, Tax Liens, and Bank Levies. The pendulum swings from aggressive to passive at the IRS, and the economy usually dictates which way it goes. When the economy surges ahead, and people are flush with cash, the IRS gets more aggressive. That appears to be where we are now heading, as Congress is looking for ways to offset the deficit.
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