It's Almost Time to File Your Taxes. Should You Expect Delays?
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Here's your money briefing for Thursday, January 12th. I'm J.R. Whelan for The Wall Street Journal. It's time to gather up all your receipts from last year and keep an eye out for your year-end income statements. The IRS says it will begin accepting individual income tax returns on January 24th, but it entered 2022 still trying to wade through paperwork and tax returns going back two years.
They don't have millions of pieces of mail sitting in trailers anymore, but they're still not as caught up as they'd like to be. They're dealing with a bunch of work left over from last year while they're still dealing with the coming year.
On today's show, we'll check in with our tax reporter, Richard Rubin, on what you can do to ensure getting your tax refund quickly. That's after the break.
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Uncle Sam has got his hand out again. The IRS will start accepting individual tax returns later this month, but the agency is already sounding the alarm about customer service issues and a mountain of backlogged documents that could slow down the process of some taxpayers getting their refund. Let's get a status update from WSJ tax reporter Richard Rubin. He joins us from Washington. Hey, Rich, thanks for being with us.
When does the IRS start accepting 2021 tax returns and why does timing matter?
Sure. Thanks for having me.
So Rich, you've been on with us going back to the early days of the pandemic, talking about this paperwork backlog at the IRS. Why is it still going on?
Because there's a lot of paper and paper begets more paper at the IRS. So if you file a paper return or any return and there's a problem with it, they'll send you a letter and then you have to respond to that letter and then they have to respond to that letter. And so until the issues get resolved, there's a lot of paper that goes back and forth in trying to deal with these issues. And so Yes, they've been making progress. They don't have millions of pieces of mail sitting in trailers anymore, but they're still not as caught up as they'd like to be. And now as we head into this year's tax filing season, they're dealing with a bunch of work left over from last year while they're still dealing with the coming year.
How could that affect people who are sending in their tax returns this year? So the real thing is, if you need human hands or human assistance at the IRS, things will take longer. If you don't, things won't take longer. So if you're filing electronically and you're requesting a direct deposit and the information that you provide the IRS matches the information they have, including on things like the advanced child tax credit and stimulus payments, then that's going to put you in a situation where things will move along smoothly. If you start talking about paper checks, people with issues that need resolution, errors, mismatching, then that's going to slow things down.
Yeah, you know, for some people filling out their tax returns this year, it can be a little complex. You mentioned having to account for child tax credits and stimulus payments.
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