Most US citizens waiting for their tax refund this tax season will be disappointed as the wait may go on longer due to the pandemic. The IRS has given out a statement that it will start accepting as well as processing the filings for the financial year 2021 from January 24 of this new year as reported by Fox2Now.
Cause of delay in refunding
Determining when all of the people who have filed for their returns will get their refund is difficult because it depends on the workload volume. Due to the pandemic, the IRS is short-staffed, the people working on it have to work doubly hard. Now that the dates have been shifted as told by the Vice president of Financial Planning for Compass Retirement solutions Fox56.
Impact of the delay
KY3 reported that the IRS had scheduled the taxing season three weeks earlier than it had done the previous year, irrespective of the filing done by the people. The current surge can definitely impact the processing of the employees who have COVID-19 infection. Like other industries, the financial institutions are also navigating the pandemic and all its issues.
The problem of IRS being understaffed has led to the delay and often because of the pandemic waves hitting frequently, the current surge is another worrying concern that cannot be put aside. The processing from last year itself is pending, so it is a known fact there will be a delay this year as well. There will be a lot of catching up to do, but there is a need to be patient.
The only option that tax filers have is to start filing now so that they can be first in line when the processing begins, and they can get their refunds as fast as possible