It’s safe to say it’s been a crazy year. And that holds true in the tax world as well. Tax deadlines have been extended and around every corner a new bill or stimulus is passed. So here at Roos & McNabb, we are working hard to keep you updated as soon as we find something out!
Since Tax Day was moved from April 15th to May 17th we have seen across the board delays in State & Federal Tax Refunds, Quarterly Payments, and Stimulus Payments. You are not alone if you have not received your stimulus or tax refund.
The IRS is holding approximately 29 million tax refunds that need to be processed manually because of the complexities of some of the recent tax laws passed by Congress. The agency’s systems are also overwhelmed and were unable to process many of the delayed quarterly estimated tax payments that were due April 15, despite pleas from accountant groups like the American Institute of CPAs and the National Conference of CPA Practitioners to delay the payments until May 17 to match the extended filing date.
The recent passage of a number of tax-related COVID-19 relief packages, including the Consolidated Appropriations Act in December and the American Rescue Plan Act in March, required the IRS to send out second and third rounds of Economic Impact Payments to taxpayers. The laws also included provisions requiring the IRS to do “plus-up payments” to provide taxpayers with the maximum amounts of their stimulus payments, as well as take into account expansions in programs like the Earned Income Tax Credit and the Additional Child Tax Credit, along with newer tax credits like the Recovery Rebate Credit.
There is a lot of money being moved around by the IRS and Federal Government without money coming in from Tax Payers to cover these costs due to the extended tax filing deadline which is causing further delay in Tax Refunds.
You can read more about delayed tax payments here. If you have any questions or concerns you can also schedule a FREE consultation with us by choosing the best day and time for you here. However, we are not able to locate the status of your stimulus or tax return.
Tax Returns: You can visit the IRS website here and click “Check My Refund Status”
Stimulus Payments: You can visit the IRS website here and click “Get My Payment”
And don’t forget to follow us on Instagram so you don’t miss out on the latest tax laws, economic payments, and more!
Roos & McNabb, CPA