Although I do not prepare income tax returns for clients, I like to share important information regarding tax issues. Here is one I think you may find quite interesting considering all of the talk of the fiscal cliff we’re headed toward.
The IRS is taking several steps to improve taxpayers’ ability to understand their refund status in 2013. To begin with, taxpayers will get a personalized refund date when they use Where’s My Refund? and the tool will have a new look. Where’s My Refund? will include a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent along with narrative that provides more detail such as the approved refund amount and the date the refund will be sent. Taxpayers will also be able to check on the status of their return sooner – within 24 hours after we’ve received an e-filed return or 4 weeks after a paper return is mailed.
Where’s My Refund? will provide a refund date as soon as the IRS processes the tax return and approves the refund. This means taxpayers won’t get an estimated refund date right away. Instead Where’s My Refund? will give each taxpayer personalized refund information based on the processing of his or her own tax return.
The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2013.
Candy
