my

Where Is My Tax Refund!

hi guys thank you for tuning in this is

Rebecca Menzies here with you with

reconcile business services I am an

accountant and tax strategist I help

small businesses increase profitability

cut costs and apply tax saving

strategies so today I want to speak to

you about your tax refund right so

there's been a lot of delays in terms of

I know if you've been watching our other

videos you know that there's been a lot

of delays in terms of the cares Act and

the provisions under the carrots Act but

did you know that the IRS also extended

the tax deadline for individuals so the

tax deadline and set up April 15 more

well past April 15th now it is July 15th

so you don't have to file your taxes or

even pay your taxes until then now what

does that really mean for those who have

already filed their taxes you may notice

you know already that there is a hold up

in your tax return or your tax refund

and you've not been refunded the money

that's due to you and you may have file

taxes you know as early as February

March whenever it is that you filed you

still have not heard back and you still

are not getting a response from the IRS

and when you go on to look on the

website you're not seeing any progress

with your tax return well I want to tell

you that you are on board with millions

of Americans a lot of people are waiting

for their tax refund a lot of people

have been delayed this refund because of

the fact that the IRS had had to

contract their offices they've had to

close a couple of the offices due to

kovat 19 so many of the workers that are

supposed to be you know going through

these tax returns they're not working

right now their offices are closed so if

you were looking if you filed your taxes

with your accountant you're waiting you

keep calling your accountant your

accountant is not holding your money

they don't have your money they don't

have your funds they're waiting just as

you are for the IRS to be responsive but

there is an ongoing concern here that

because of Cova 19 that

offices are closed that puts a lot of

people behind in terms of when they were

expecting their tax return their tax

refund so normally as you know the IRS

usually processes the the federal

refunds within 21 days of filing right

and some refunds could take as little as

14 days to hit your account but again

because this whole pandemic is happening

it has allowed it slowed things down so

a lot of people you know a lot of our

clients that filed early on you know

they received their refunds with those

that applied after you know later on in

February they're still waiting a lot of

them are still waiting for their tax

refunds and that's because the IRS their

offices are currently a lot of them are

currently closed okay so don't worry if

you haven't received your me from it's

gonna come it's coming it's not your

accountants fault it's not your CPA or

your EA's fault it's in load Q it's

being worked on now one of the reasons

why a lot of people might be seeing

delays even before it's the kovat xix

situation is you know you may have had

an e ITC on your you know on your return

which means that there's usually a bit

of a longer wait for that because they

have to make sure that the checks and

credits are balancing on that and that

there's you know that you're probably

properly claiming what you should be

claiming through those provisions right

so if there are certain credits on your

return line like the EITC or like the a

CTC which is the additional child tax

credit you might see a delay in the

processing of your tax refund okay not

according to the law the IRS you know

they have to wait until February 15 to

actually start issuing refunds to

taxpayers so I had people calling me as

early as February 1st 2nd 3rd asking if

their tax refunds were already filed or

you know when they'd be getting their

refunds

there's no VIP with the IRS you have to

wait until they process all of

refund all of the returns so that you

can get the right refund at the right

time but again I understand this is a

frustrating time a lot of people are

waiting to get their refund they're

waiting to know where their money is

they're waiting to know you know right

now money is tight and a lot of people

are waiting to get the refund to do what

they need to do I understand that but

I'm just giving you insight information

as to why this is slowed down why you

know you may have not yet received your

refund the reason why your refund might

be held up is if you filed too early you

know a lot of people they were going

through their accountants I had some

people call me as early as you know G as

soon as they got their w-2 and January

they wanted me to file the return and I

kept telling people well if you're

filing earlier then they're opening up

the opening up the portal it might mess

some things up right so all of these

things are things to keep in mind so you

know the IRS opens it up and then if

you're filing prior to that they're

gonna have to kind of go back and try to

filter through those people who are do

you apply before the portal open right

so keep that in mind one of the biggest

reasons why your tax refund is not yet

received your tax refund is because the

IRS is taking extreme measures this year

due to security risks right so as you're

aware there's the Eid L the PPP all of

these different loans all of these

different business loans that are coming

through to them right all of this

information is being gathered by them so

they want to make sure that they're

protecting your identity that you know

they're going through the extreme

measures and making sure that each

return is actually you know for the

individual that's applying for it so

that they can minimize the risks of

having identity theft okay so that is

one of the reasons why your refund might

not yet be processed you have not yet

received a tax refund now again if the

IRS suspect suspects that someone is

trying to steal your identity trying to

use your Social Security or use you know

any measures same address same name same

date of birth same social Social

Security if anything like that might be

a

turn that might be one of the reasons

why your tax return is being held up and

also if you filed a paper return do not

expect it to be filed as if it were a

direct and efile return because paper

returns take longer paper returns

usually take six to eight six to eight

weeks it longer than the actual I filed

returns right so if you filed your tax

return by paper that might also be one

of the reasons why your tax return is

being held up so don't worry it's in the

cute I know it's easier said than done

because a lot of us were waiting and you

know we want things to be done as

quickly as possible

but I assure you if you use the tax

strategist or an encountering ei or CPA

that made sure that your tax return was

correct to begin with that there were no

misinformation no incorrect refund

information all of these things were you

know you had no outstanding debt to

begin with right so these things could

be some of the reasons why your return

has not yet been filed so but if you had

someone who worked with you and you know

you can assure that there were no

mistakes on your tax return just wait I

believe your return will be your your

refund will be a process as soon as it

gets to an agent so I'm not speaking

with the I'm not with the IRS I'm an

accountant but these are the reasons why

your tax refund is probably being

delayed right now

so I hope that this video was informing

for you if you want to watch more I ask

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