Of course, none of us “prefer” to pay taxes. Once we do pay our taxes, if we expect a refund, we hardly exhibit any patience awaiting it in the mail. But the IRS is a mega-bureaucracy, which means that things get lost, overlooked, mishandled, and, well I shudder to think. Thus, delays are not altogether uncommon, and failures to process and mail returns actually occur, albeit infrequently. So what do you do if you haven’t received your tax refund?
First, you can call the IRS. Make sure to have all of your personal information on hand. You can also check the IRS website. The reason for the delay may be because the IRS is reviewing some matter relating to your account. It’s also possible that the IRS is offsetting a debt for student loan or child support, and somehow you have failed to receive notice of this action. Is this highly unlikely? Perhaps, but it is still possible. You may need the advice of an experienced tax professional if some other tax-related or other legal matter has interfered with the receipt of your federal tax return.
If you utilized e-filing to complete your tax forms, simply check with the service provider to determine the status of your return. This information is probably available online as well. You may have to register an account with a username and password to access this information.
If your refund is scheduled to be directly deposited in your bank account, double-check with your bank. It’s possible that you provided incorrect information to the IRS. Usually refunds scheduled for direct deposit in a bank account are received slightly faster than those by mail. Approximately a week’s difference between direct deposit and mailed checks is typical. Of course, if a refund is mailed, the possibility exists that a different federal agency lost or mishandled it; in this case, the U.S. Postal Service.
If you notice any strange activity when checking the status of a refund, such as that indicating that your tax refund may have been stolen, contact the IRS immediately at 1-800-829-1040. It’s also possible that the information was changed and you are a victim of return preparer fraud or identity theft. Taxpayer vigilance is especially important since this type of fraud is growing rapidly throughout the country.
An experienced and knowledgeable tax professional may help any individual or business assess their current tax situation as it stands in the present looking ahead to the future. If you are an individual or business in the New York or Tri-State area and have any question about taxes, especially in planning ahead for the next filing season, call THE TAX EXPERTS at the Thorgood Law Firm www.thorgoodlaw.com. For a FREE consultation call 212-490-0704.
