The Internal Revenue Service has pointed out the fact that refunds have a possibility of getting delayed by about a week. Since this tax season, the new anti-fraud measures will be taken. The bad news is for people who filed tax returns early. The IRS has let tax professionals know that the delay is owing to the putting in place of the technical system that would prevent identity theft cases. This notice has come under heavy criticism.
The IRS has included new stringent measures offering additional screening processes to avoid fraud identity cases which have increased in the past years. But, they assure that some of the taxpayers will receive their tax refunds in a timely manner. The delay will particularly affect those who filed returns on any time from the first day of the tax season, i.e. January 17th- January 24th. As the 2012 filing season opened IRS issued a circular for taxpayers using the electronic filing method that said that they would receive their refunds within 10 days. It further pointed out that most of the refunds will be provided within 21 days. Some taxpayers may get their refunds much faster than they thought they would but currently, the taxpayers will expect returns as mentioned in the IRS guidelines.
The IRS has also highlighted that the time frames for a refund provided by the “Where’s My Fund” tool on its website will undergo changes. This is so as several factors could lead to alterations of time for refunds. However, IRS apologizes for any inconvenience caused due to this notification. Some taxpayers have reported that the “Where’s My Fund” tool has failed to give proper information and is showing error messages. This technical glitch has been reported to IRS and the answer they gave was that IRS’s fraud screening and detection processes will have an impact on 60 to 70 percent of the returns that have been accepted before 11 am on January 18th as a part of testing on January 10th, 11th, and 12th.
Here at Sanjiv Gupta CPA Firm, we do file whenever possible, this is the fastest way to file and get your refund.