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IRS Processing Delays

| August 03, 2020

The IRS is experiencing processing delays of tax returns and refunds as a result of limited staffing due to the Coronavirus pandemic.

Status of your tax return along with the status of your refunds can be viewed by visiting the IRS “Where’s My Refund” site at https://www.irs.gov/refunds

Keep in mind paper filed returns will be processed in the order they are received.  If you are experiencing a delay, it is not recommended that you file a second return or call the IRS.

In addition, interest on individual 2019 tax refunds reflected on returns filed by the July 15, 2020 deadline will generally be paid from April 15, 2020, until the date of the refund.  Interest payments are generally sent separately and are considered taxable income in the year they are received.

 As always, it is recommended to review your current withholdings and projected income to determine if any adjustments need to be made now so that you do not have any unexpected surprises for next year’s tax filing.  In fact, if your wages have been impacted by the current pandemic then you may benefit from a review to determine if you are able to withhold less this year due to lower wages and potentially a lower tax bracket.