IRS Warns Taxpayers to Expect Delays in Filings and Refunds

On Monday the Internal Revenue Service (IRS) announced they would begin accepting and processing tax returns on January 24, 2022, more than two weeks ahead of schedule compared to last year. There is anticipation of another challenging year for the IRS due to funding issues and a resurgence in Covid-19 infections. The IRS is reminding taxpayers there are steps they can take to avoid processing delays. These steps will be even more important this year and could help avoid unnecessary delays.

• Whenever possible, it is typically best to file electronically and request your refund be delivered by direct deposit.

• Taxpayers are also encouraged to stay organized and accurately report Covid-19 relief and advance Child Tax Credit payments received in 2021. The IRS will assist by sending letters to these recipients; however, taxpayers can also verify the amounts received by visiting the IRS website at IRS.gov.

• In addition, taxpayers should pay attention to any potential changes to filing deadlines again this year. If you are in a disaster area that was affected by hurricanes, tornadoes or another disasters, there may be an extension to file. The deadline to file, or request an extension, for individual income tax returns is April 18^th 2022 due to a holiday in Washington D.C. on April 15 this year.

Keep in mind even if your return is extended the tax due with your income tax return is required to be paid by the original due date of your return. Please reach out to your tax professional with any questions or to get started on the preparation of your tax return.