So far this year, as of 4pm Eastern, the IRS has released almost no refunds. Current estimates are that the IRS has released refunds for fewer than 1% of returns filed in the first week of the e-file, and virtually no refunds from the second week. Many of the refunds that have been released are under $1000.
This situation is nationwide, impacting all EROs and taxpayers across the nation. The IRS has never waited this many days from the first day of e-file to start releasing the bulk of the refunds.
It is still possible that additional refunds will be released by the IRS tomorrow.
Items to pass along to your customers:
- Normal processing is 8-21 days. We are still in that window for funding, though I know customers get impatient this time of year.
- IRS has released less than 1% of the refunds.
- Why the delay? Only speculation.
- Who is affected? Everyone who has filed. Does not matter how it was prepared or where.
UltimateTax Service is trying to pass along good information as it becomes available. There is speculation that the refunds are being delayed to show that the IRS needs more time, but that is only speculation. There are a number of theories, but the fact is, they haven’t released large amounts of refunds yet.
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