The Internal Revenue Service (IRS) is working through tax filings and anticipates many more as the April 15 tax deadline quickly approaches. The agency recently released a publication aimed at dispelling many myths about tax refunds that are getting circulated through social media platforms.
The publication included several facts about the refund process. Three of the more notable include:
- There is not an exact date for refunds. The agency notes that social media has propagated a number of “secret ways” to get the IRS to provide taxpayers with a date they will receive their refund. These tips include calling the IRS and getting an agent on the phone to give you an exact date or ordering a tax transcript. None of these will result in a guaranteed date or refund.
- The IRS website is accurate. The agency has a “Where’s my Refund” website designed to provide taxpayers with updates on the status of their return. This website is updated daily, normally in the middle of the night. In some cases, it will provide an estimated deposit date, in others it will not. The agency may not be able to provide an estimated deposit date if the tax return is incomplete or has errors.
- There is no need to review withholdings for 2019 returns. The IRS warns taxpayers to review their withholding status even if they get a return after filing their 2018 taxes.
It is often wise to act to protect your interests if the IRS or your local state tax agency reaches out for more information about your tax returns. This may signal the agency is conducting an audit. An attorney experienced in tax audits can represent your interests and better ensure a more favorable outcome.