SR Client Question: Why haven’t I received my tax refund yet?
There are various factors leading to the Internal Revenue Service’s delayed processing of 2020 federal income tax returns. Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by several issues, including a backlog of 2019 paper tax returns that the IRS was unable to process after shuttering its offices during the coronavirus pandemic.
Adding a new wrinkle to the workload is the pandemic-related Recovery Rebate Credit — a tax credit adjustment for people who were owed more stimulus money. Returns that calculated a Recovery Rebate Credit require the IRS to confirm/review amounts before issuing refunds, which is further delaying returns.
If you check your tax refund status online and it says “pending”, you can be assured you will get your refund…eventually. Many taxpayers are in the same situation, but if you feel your refund status is in error or have an unusual refund status, please contact your ShindelRock tax professional.