Y
Yoni Heisler
Guest
- The IRS, by law, must pay interest on delayed refund checks.
- Because the coronavirus pandemic severely limited the ability of the IRS to process tax filings, many refunds have been delayed and will be accompanied by a separate check for accumulated interest.
- The 2020 tax filing deadline was pushed back from April 15 to July 15.
2020 has been a wonky year for both the IRS and taxpayers, for obvious reasons. As the coronavirus pandemic began to sweep across the country earlier this year, the IRS' ability to process returns effectively came to a standstill for a good three months. At the same time, the coronavirus pandemic also prompted the IRS to extend the traditional tax return filing deadline of April 15 to July 15.
With the country now reopening and the IRS finally getting around to processing millions of backlogged returns, some folks with refunds coming their way may find themselves on the receiving end of not just one, but two checks from the government. The IRS traditionally pays interest on top of refunds when a refund is paid out more than 45 days after it was initially filed. And seeing as how the IRS is months behind when it comes to issuing refund payments, many people will be receiving a nice interest payment alongside their regular refund check.
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Your tax refund from the IRS this year may be a lot bigger than you expected originally appeared on BGR.com on Wed, 29 Jul 2020 at 16:55:03 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report