Dave Rumsey, CPA/IAR | Pettis Rumsey Inc. P.S. | 4229 76th St. NE, Suite 102 Marysville, WA 98270 | Phone: 360-659-8502



David Rumsey, CPA/IAR

Pettis Rumsey Inc.


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Where Is My Refund?


With the tax filing due date behind us, those who have not yet received their refund might want to know when it will be processed.

If this applies to you, there is a way to check on the status of your refund online.

The popular “Where’s My Refund” feature on the IRS web site (www.irs.gov) allows taxpayers to see the status of their refund after filing their income tax return.

What You Should Know

- IRefunds of e-filed returns usually take 10 to 21 days to process.

- Paper returns take longer than e-filed returns.

- The IRS states that 90% of refunds are processed within this 21 day time period.

- Original refund processing projections can change.

This can be due to processing backlogs, or errors in your tax return.

- Sometimes a delay is a good thing.

The IRS has acknowledged there is a huge increase in identity fraud as thieves try to steal tax withholdings. The IRS is using their data match programs to catch as much of this illegal activity as possible.

The IRS has a new e-file processing program that is getting a workout this year. Systems glitches are to be expected as this new process is ironed out by the IRS.

Using "Where's My Refund"

In the meantime, if you wish to check on the status of your refund this is what you should know:

Log on to: www.irs.gov and click on "I'm Waiting for my Refund.

When to check:
- 72 hours after an e-filed tax return confirmation (usually within three days of e-filing)
- 4 weeks after a mailed tax return is sent

What you need to provide:
- Social Security number
- Filing Status
- EXACT refund amount

Remember, the information provided to you by the IRS is not a guarantee of payment.

So please fight the urge to spend your refund before you receive it. Unfortunately, no amount of calling or checking will change the speed of returning your money.

With 140 million tax returns processed each year, sometimes all you can do is wait.

Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

The IRS has some advice for taxpayers who missed the tax filing deadline.

Don’t panic but file as soon as possible. If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner we receive it, the better.

E-file is still your best option. IRS e-file programs are available for most taxpayers through the extension deadline – October 15, 2012.

Free File is still available. Check out IRS Free File at irs.gov/freefile. Taxpayers whose income is $57,000 or less will qualify to file their return for free through IRS Free File. For people who make more than $57,000 and who are comfortable preparing their own tax return, the IRS offers Free File Fillable Forms. There is no software assistance with Free File Fillable Forms, but it does the basic math calculations for you.

Pay as much as you are able. Taxpayers who owe tax should pay as much as they can when they file their tax return, even if it isn’t the total amount due, and then apply for an installment agreement to pay the remaining balance.

Installment Agreements are available. Request a payment agreement with the IRS. File Form 9465, Installment Agreement Request or apply online using the IRS Online Payment Agreement Application available at irs.gov.

Penalties and interest may be due. Taxpayers who missed the filing deadline may be charged a penalty for filing after the due date. Filing as soon as possible will keep this penalty to a minimum. And, taxpayers who did not pay their entire tax bill by the due date may be charged a late payment penalty. The best way to keep this penalty to a minimum is to pay as much as possible, as soon as possible.

Although it cannot waive interest charges, the IRS will consider reductions in these penalties if you can establish a reasonable cause for the late filing and payment. Information about penalties and interest can be found at Avoiding Penalties and the Tax Gap.

Refunds may be waiting. Taxpayers should file as soon as possible to get their refunds. Even if your income is below the normal filing requirement, you may be entitled to a refund of taxes that were withheld from your wages, quarterly estimated payments or other special credits. You will not be charged any penalties or interest for filing after the due date, but if your return is not filed within three years you could forfeit your right to the refund.

More information can be found at irs.gov.

 ( taken from IRS Tax Tip Special Edition 2012-06 )

To read my other articles online go to www.PettisRumseyCPA.com and click on the Newsletter section.



As always you can call our offices if you have any questions about these or any other accounting related issues, at 360-659-8502. 


Regards, David Rumsey, CPA





Dave Rumsey, CPA/IAR | Pettis Rumsey Inc. P.S. | 4229 76th St. NE, Suite 102 Marysville, WA 98270 | Phone: 360-659-8502 | Fax: 360-653-4019 david@pettisrumseycpa.com | www.PettisRumseyCPA.com