BusinessPostCorner.com
No Result
View All Result
Friday, July 4, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

IRS Offers Updates On The Status Of Tax Returns, Refunds And Notices

May 10, 2023
in Tax
Reading Time: 3 mins read
A A
0
IRS Offers Updates On The Status Of Tax Returns, Refunds And Notices
ShareShareShareShareShare

Business concepts with businessman holding clock on computer laptop.For investment analysis,Waiting … [+] to sucess ideas

getty

With Tax Day in the rearview mirror for some (not including those of us on extension), fingers are crossed that IRS processing times may be getting back to normal.

According to the IRS, all paper and electronic individual returns received before January 2023 have been processed. Additionally, the agency claims it is opening mail within normal time frames. This means, they say, that all returns received for the tax year 2021 or earlier have been processed—if those returns had no errors or did not require further review.

Unprocessed Returns

As of April 29, 2023, the IRS had 3.8 million unprocessed individual returns. These include tax year 2022 returns, 2021 returns that need review or correction, and late filed prior year returns.

Of the unprocessed individual returns, 2.4 million returns require error correction or other special handling, and 1.4 million are paper returns waiting to be reviewed and processed. These require special handling by an IRS employee, so in these instances, it will take the IRS more than 21 days to issue any related refund.

Current Tax Season

When it comes to individual tax returns received in the current year, the IRS will process those for which refunds are due first. Tax returns that reflect tax due are processed last—but, of course, the IRS wants to get paid. If a payment is mailed with the tax return, the payment is separated upon receipt and deposited.

Tax returns that need to be manually reviewed due to errors will be processed in the order received.

Some returns need a second look. If the IRS needs more information or needs you to verify you sent the return, they will send a letter. That could take more than 120 days, depending on how quickly and accurately you respond and how quickly the agency can process your return.

Refunds

The IRS issues most refunds in less than 21 calendar days. However, if you filed on paper and expect a refund, it could take four weeks or more to process your return. Check Where’s My Refund? for more detailed information.

If you are due a refund and you filed on paper more than six months ago and Where’s My Refund? does not indicate that your return is received, you should resubmit your tax return—electronically if possible. Tax returns must be signed (fresh ink, if on paper) and should include all documents submitted with the original return.

If that specific set of facts does not apply to you, do not file your tax return again. That will just confuse the IRS. For information about the processing of your return, check Where’s My Refund? or click over to your Online Account for possible updates.

Amended Returns

As of April 29, 2023, the IRS still had 919,000 unprocessed Forms 1040-X, amended returns. The agency is processing these returns in the order received, and the current timeframe can be more than 20 weeks (that’s not a typo). With that in mind, don’t file the same return more than once—the pile will only grow larger. Taxpayers should check Where’s My Amended Return? if you’re looking for the status of your refund on an amended return.

Notices

And remember those collection notices that were put on pause last year? On Friday, May 5, IRS Deputy Commissioner for Collection and Operations Support Darren Guillot announced at an American Bar Association tax conference panel in Washington, D.C., that the agency would be resuming sending those out. Guillot did not mention a start date but did estimate that approximately 5-8 million CP14 Notices will be sent to taxpayers during what the IRS refers to as “peak balance due season” beginning at the end of May (you may hear tax pros call it “correspondence season.”)

What Comes Next

Our Forbes tax team will provide additional updates as they become available.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Ecuador’s congress votes to press ahead with impeaching president

Next Post

Strengthening Entrepreneurship For Education In Guinea

Next Post
Strengthening Entrepreneurship For Education In Guinea

Strengthening Entrepreneurship For Education In Guinea

Shadow Fed chair could spark ‘revolt’ against Powell’s successor

Shadow Fed chair could spark ‘revolt’ against Powell’s successor

June 28, 2025
The neocons a generation on

The neocons a generation on

June 28, 2025
Nissan is recalling nearly half a million cars—and the flaw is so serious some may need new engines

Nissan is recalling nearly half a million cars—and the flaw is so serious some may need new engines

July 3, 2025
making the most of the relationship

making the most of the relationship

July 1, 2025
Spanish Cafe Chain Vanadi Coffee Board Approves .17B Bitcoin Investment Plan, Adds 20 BTC

Spanish Cafe Chain Vanadi Coffee Board Approves $1.17B Bitcoin Investment Plan, Adds 20 BTC

June 30, 2025
Donald Trump says he will only pick Fed chair who cuts interest rates

Donald Trump says he will only pick Fed chair who cuts interest rates

June 27, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Solo Bitcoin Miner Strikes Gold, Nets Nearly 0,000 from Single Block

Solo Bitcoin Miner Strikes Gold, Nets Nearly $350,000 from Single Block

July 4, 2025
London IPO fundraising falls to 30-year low

London IPO fundraising falls to 30-year low

July 4, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!