TREASURY WARNS OF DIFFICULT TAX FILING YEAR
Treasury warns of difficult tax filing year. Treasury Department officials warned last month that this year’s tax season will be a challenge with the IRS starting to process returns on January 24th. That’s largely due to the IRS sizable backlog of returns from 2021. As of December 31, the agency had 6 million unprocessed returns–a significant reduction from a backlog of 30 million in May, but far higher than the 1 million unprocessed returns that is more typical around the start of tax season. That may make taxpayers nervous about delays in 2022, but most Americans should get their refunds within 21 days of filing, according to the IRS. And some taxpayers are already reporting receiving their refunds, according to posts on social media. Other issues can also slow down your tax refund, such as errors like math problems or incorrectly stating how much you received from the advanced Child Tax Credit program. In those cases, your tax return could get flagged, leading to delays of weeks or even months. Treasury warns of difficult tax filing year.
Some taxpayers may also inadvertently claim the wrong amount on their tax returns this year–and through no fault of their own. The IRS said that some of its Child Tax Credit letters–letter 6419–included incorrect information about the amount some taxpayers received. The IRS is asking taxpayers to refer to the letter when filling out their tax return. But if that happens, that taxpayer’s return may not match what the IRS has on file, leading to the return getting flagged–and delays in getting their return processed and their return sent to them.
For those who have tax debts already, you may want to contact a Tax Resolution firm. If you want information on a Tax Resolution Company, click on the backlink for more information. For those with IRS Collection Action, who want to explore the IRS Fresh Start Program, click the previous link for Professional help.