Why is My Tax Refund Delayed?

One of the best parts about filing taxes is receiving a substantial tax refund. In most cases, refunds are delivered within a few weeks, although in some situations they are unexplainably delayed. Although remaining patient is often the best course of action in these cases, it is also possible for refunds to be delayed for a more serious reason, so if you are concerned that you have not received your correct tax refund yet, please contact an experienced tax attorney who can help you trace the funds.

Incomplete Tax Return  

One of the most common causes of refund delays is an incomplete tax return, which usually involves missing or incorrect information. Even a minor error can delay a refund and more serious mistakes, such as mislabeling the number of dependents being claimed, can result in even longer delays. Fortunately, tax returns can be amended even after the tax deadline. This is called an amendment return, which can speed up the process, although it may still take up to three months to receive your refund. It’s also often a good idea to wait to file an amendment until after you receive your return, as the IRS may recognize and fix an error before the refund is sent.

Calculation Errors 

Those who manually prepare taxes are generally at a higher risk of making a mistake when calculating taxable income, the amount of taxes withheld, the amount of taxes paid, and taxable Social Security income. These types of calculation errors can lead to serious delays and must be fixed before a refund will be sent.

Fraud 

In the last few years, the IRS has attempted a serious crack down on tax fraud. While these efforts have been successful in many ways, it also means that those who file early and claim specific tax credits may be forced to wait longer for their refunds. This is especially true for those who claimed the earned income tax credit or the additional tax credit, as the IRS must hold tax refunds for these individuals until at least February 15th, which gives them a longer time period in which to detect fraud. However, this date is a best case scenario and processing delays could mean that taxpayers do not receive their refunds for months.

Incorrect Direct Deposit Information  

Sometimes, delays can be attributed to something as simple as a mistake on a person’s refund information. For example, when a person makes an error when filling out their bank account number, the IRS’s attempt to send a refund won’t be successful. They will then have to mail a check, which could take a significant amount of time if there is a check processing delay.

Schedule a One-on-One Meeting With an Experienced Florida Tax Attorney 

It’s always frustrating when your refund is delayed. However, it can also place a substantial amount of financial stress on taxpayers, so if you have questions about the status or amount of your tax refund, please call Ronald Cutler, P.A. in Florida at 386-490-9949 to speak with an attorney who can address your concerns.

Resource:

irs.com/articles/still-waiting-your-tax-refund-heres-what-do