the tax filing due date behind us, those who have not yet
received their refund might want to know when it will be
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
- 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
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.
"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.
the Income Tax Deadline
– IRS Offers Help for Taxpayers
The IRS has some advice for taxpayers who missed the tax
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