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IRS Reports Tax Filing Numbers As Expected, Issues Statement On Refund Delays

Apr 21 2014, 9:33am CDT | by

This time last week, individual taxpayers were rushing to file their last minute tax returns. As of April 11, 2014, the IRS reported receipt of almost 113 million tax returns, upwards of 80% of what...

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14 weeks ago

IRS Reports Tax Filing Numbers As Expected, Issues Statement On Refund Delays

Apr 21 2014, 9:33am CDT | by

This time last week, individual taxpayers were rushing to file their last minute tax returns. As of April 11, 2014, the IRS reported receipt of almost 113 million tax returns, upwards of 80% of what is expected for the tax year. That’s on par from the same time period last year.

There’s generally a filing bump during tax week: IRS reported receipt of almost 130 million tax returns by the end of the week marking Tax Day last year with another 18 million taxpayers filing returns by the end of the year.

Of those returns filed before Tax Day 2014, the IRS says it issued more than 85 million refunds. Statistically, that’s about 75% of tax returns filed: that number will dip a bit after taking into consideration those last minute returns where taxpayers were writing checks rather than expecting refunds.

By the numbers, IRS has issued about 78% of all the refunds the agency will issue this year. That means that some taxpayers are still waiting for refunds – and many are not happy about it. Those confounding “570″ delays and “1121″ codes are still stumping a number of taxpayers so I reached out to IRS to inquire about a specific cause for the delays.

To date, the IRS says there is no specific or systemic problem with the issuance of refunds, noting that there has been “a smooth filing season to date.” By the numbers, the IRS reports that “more than nine out of ten taxpayers are receiving their refunds with 21 days or less from when we receive the return.”

Why are some taxpayers still not receiving refunds? The IRS says that the reasons could vary. “We work hard to issue refunds as quickly as possible,” said an IRS spokesperson, “but some tax returns take longer to process than others for many reasons, including when a return includes errors, is incomplete, or needs further review.”

So what can taxpayers do if they are still waiting for refund? There is some consolation: the IRS notes that “[b]y law, if a return has been filed by the deadline, the IRS is required to pay interest on a refund if it is not issued within 45 days of the filing deadline.”

Taxpayers can continue to check the Where’s My Refund site for updates. The site is updated once every 24 hours. You can begin checking the site within 24 hours after IRS has received your e-filed tax return and after four weeks has passed since you’ve mail your paper return (while the IRS web site says four weeks, the IRS spokesperson suggested that six weeks is more appropriate).

It’s also important for taxpayers who have received a notice from the IRS to respond promptly. In some instances, refunds may be delayed due to transposed numbers, errors in account numbers or other issues: those errors can be corrected fairly easily.

For their part, IRS says, about those taxpayers who do not have refunds in pocket:

We appreciate taxpayers’ patience as we continue to process returns. We are working hard to do everything we can to process refunds as quickly as possible, including those situations where additional review is needed.

I’ll continue to post updates as they become available.

Want more taxgirl goodness? Pick your poison: receive posts by email, follow me on twitter (@taxgirl), hang out with me on Facebook or check out my YouTube channel. If you want to keep an eye on documents I’ve posted, check out my profile on Scribd. And finally, you can subscribe to my podcast on the site or via iTunes (it’s free).

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat to ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern st ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in com ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri M ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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