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Tax Facts vs Fiction

Tax Refund Facts vs. Fiction

Tax Refund Facts vs. Fiction

For you and your clients, tax season is already in full swing, and the Internal Revenue Service (IRS) is trying to get ahead of some rumors and misinformation that spreads during this busy time.

 

If your client has a refund coming, they’ll want to know when they can expect their money. There are some common myths about refund expectations – and some legitimate ways to get updated information. Here’s a look at some common tax-time rumors and truths.

 

Fiction: All refunds are delayed.

Facts: The IRS says it issues nine out of 10 refunds within 21 days. Taxpayers who use e-file and direct deposit get their refunds faster. Of course, some tax returns do require review and can take longer to process. Since the agency started processing returns on January 29, some taxpayers are starting to receive refunds. Check out the Refunds FAQs page for more information.

 

Fiction: Ordering a tax transcript is a "secret way" to get a refund date.

Facts: According to Forbes, some Internet claims indicate that ordering a tax transcript would help your client find out exactly when they might get their refund. The IRS says this is fiction. The fact? It’s easy to check refund status with the “Where’s My Refund?” tool at IRS.gov or via the IRS2Go mobile app.

 

Fiction: Get a refund date by calling the IRS or a tax pro.

Facts:The IRS says some taxpayers think the best way to find out when they’ll get their refund is to call the agency or a tax preparer, or even their employer. False, according to the IRS and CPA Practice Advisor. Again, use the “Where’s My Refund?” or IRS2Go mobile app – it’s fast and easy. Pro tip: Refund status is updated once a day, usually overnight.

 

Fiction: Calling the IRS is the best way to get answers.

Facts: Going online is so much easier than calling (and holding) and calling again. Tell your clients to check for answers at IRS.gov, where they’ll find self-service tools for individuals, businesses and tax professionals. For example, taxpayers can view their tax account, get answers to common questions and even get free tax prep help.

 

Please pass this information along to your clients so they’ll know what information to trust this tax season. Have questions? Don’t hesitate to reach out to your local BenefitMall Sales Team!


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