With the deadline to file your taxes approaching, our Overland Park tax accountants at our Pro 31 Louisburg office are busier than ever. Whether it’s preparing income taxes for their clients, answering questions, or any other accounting duties, it’s another hectic April for tax preparation in Overland Park.
One question many people ask each year when it comes to filing their taxes is, “How long will it take to get my refund?” As one of the top accounting firms in Overland Park (based in Louisburg) Pro 31 has some answers to this question and some additional info on the processes the IRS uses to issue refunds each year.
Stimulus Checks Interrupted Refund Processing
Once the new Covid-19 relief bill was passed, the IRS made issuing stimulus checks their highest priority. Anyone who has already filed their taxes, but has not received a refund check yet, will likely experience a longer than normal wait for their refund check to arrive.
Delays for Those that Claim EITC and ACTC Credits
For those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), those refunds will likely be delayed. According to firms specializing in tax preparation in Overland Park, those that claimed these two credits will experience delays because the IRS is performing additional identity verification checks and updating systems to allow claimants to use 2019 tax information.
The 2019 information is important for issuing 2020 refund checks since many people lost their jobs in the 2020 calendar year, especially during the Covid-19 pandemic.
Various Other Reasons for Delays
If you ask an Overland Park tax accountant what the most common cause of a refund check delay is, a popular answer would be that there was missing information on an individual tax return. Without all the required information, the IRS cannot issue a check. Here is a list of some other factors that can cause a delayed refund:
- Amended Returns – they require additional and manual processing, which cause longer wait times
- Missing Documentation – most common in manually filed returns
- Incorrect Bank Information – wrong numbers on the checking account, savings account, or routing number
As a leading firm for tax preparation in Overland Park, Pro 31 will ensure that all of your tax documentation is filed on time and accurately. This will give you peace of mind that your refund check will be on its way soon, and there will not be any filling errors.