Even though the IRS issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. The IRS is understaffed and is still dealing with a backlog from last year.
Many different factors can affect the timing of a refund after the IRS receives a return. A manual review may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud.
Other returns can also take longer to process, including when a return needs a correction to the Child Tax Credit or Recovery Rebate Credit amount, includes a claim filed for an Earned Income Tax Credit or an Additional Child Tax Credit, or includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process.
The IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. Also, remember to take into consideration the time it takes for a financial institution to post the refund to an account or to receive it by mail.
There are only a few weeks left to file your return or request an extension. Don’t wait until it’s too late and risk incurring penalties and fees. Give us a call today or stop by to drop off your documents. Taxes are due April 18th, 2022!