After many of us submit our tax returns, we usually try to forget about the overwhelming and confusing topic until a hoped-for return shows up in a bank account. In between then, however, our returns are processed by IRS computers and/or staff. This piece from the Wall Street Journal sheds a bit of light on what goes on behind the curtain after we check filing our taxes off of the to do list.
A few noteworthy bits of information:
- Once a filing is “accepted,” that does not mean that a refund calculation is approved.
- The IRS computers sent out 17 million math-error notices last tax season.
- In the last two years, tens of millions of taxpayers waited more than 10 months for their refunds.
- Double check that bank routing numbers (as well as Social Security numbers, etc.) were entered correctly to minimize refund delay.
- Lastly, the IRS will pay interest on late refunds, but the interest received is taxable.