After an increased number of questions from taxpayers, the Internal Revenue Service (IRS) has addressed numerous rumors circulating about tax refunds. The IRS reminds taxpayers there is not a secret way to discover when refunds will be issued and to essentially be patient with refund processing. According to the IRS, interest on individual 2019 tax refunds reflected on returns filed by July 15, 2020 will be paid from Apr. 15, 2020 until the date of the refund. Doeren Mayhew’s CPAs and tax advisors further explore the false information spreading about the refunds, including:
Depending on the circumstances arising from each return, some may take longer to process and require further review. If your return relates to any of the following, your refund may be delayed:
In addition, your tax refund amount could be decreased if it contains mathematical errors and if you owe federal or state taxes, student loans, child support or other non-tax federal obligations. If your refund was reduced to offset a financial obligation, the Department of Treasury’s Bureau of the Fiscal Service will reach out via letter to let you know. There is no reason to call the IRS to inquire about your refund unless the “Where’s My Refund?” feature explicitly says to do so.
If you have questions about your filed tax returns, contact Doeren Mayhew’s dedicated team of CPAs and tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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