Have you filed your 2020 federal taxes and still have not received your refund? You are not alone. Millions of Americans are experiencing delayed tax refunds. This tax filing season was unlike previous years, however, at Anfinson Thompson we assure tax returns were prepared with the utmost care and expertise. There are several reasons for the delays. The most likely reason for delayed tax refunds is due to the sizable IRS backlog.
IRS Backlog of Returns
As of June 5, the IRS reported there are more than 18 million 2020 returns in its pipeline to be processed, and a few million others yet to be finalized from 2019. This past year has been extraordinary, the least of which being the COVID public health crisis and widespread unemployment. In addition, a series of stimulus payments from the federal government to help people navigate COVID financial woes was also managed by the IRS, and to ensure all eligible citizens received stimulus money, the IRS told Americans that everyone should file a tax return. Between more returns, unemployment amendments, issuing stimulus money and processing regular returns, the IRS has had its work cut out for it. Like many businesses during the pandemic, the IRS also had obstacles to overcome like switching its workforce from onsite to virtual and operating with a reduced staff.
your Next Steps
- If you have not received your refund 21 days after filing, it is likely that it is under further review. This happens more frequently when a return includes a recovery rebate credit, suspicion of identity theft or fraud, a claim for an earned income credit or other criteria that will ping a return for a manual review. We recommend patiently waiting through this step. In some cases, the status of your delayed refund may be available on the IRS website.
- If you receive any correspondence from the IRS regarding your return, please contact Anfinson Thompson with a copy of the letter you received, and we can guide you through this. Unfortunately, due to the delays in processing, some notices are being sent by the IRS despite timely follow-up by you, or your Anfinson Thompson Staff Accountant on your behalf.
We will continue to share updated information from the IRS regarding the delayed tax refunds. Rest assured that we at Anfinson Thompson are working hard to do what we can for you and our clients.