Why a Delay of Your Tax Refund is Not Bad-The IRS and 2012 Tax Scams
This past week we posted an article about the IRS dirty dozen tax scams that the IRS highlighted for 2012. The top scams included identity theft and tax return fraud.
Because of the seriousness of identity theft and tax return fraud, the IRS has taken proactive steps to try and prevent this before it affects you. They upgraded their security systems and implemented additional safeguards at the beginning of this year.
However, in upgrading their systems and implementing these additional safeguards it has slowed down the processing of tax refunds.
Over the past several years, taxpayers had come to expect a turn around of time of about one to two weeks for their refund to be direct deposited to their bank account, after their tax return had been electronically filed.
The turn around time now is running closer to two to three weeks as a result of the upgrades to their systems and the implementation of these additional safeguards. As the IRS works through the backlog of tax refunds, the delay in processing refunds should decrease.
You can go here to track your refund. You will need to enter your social security number and the amount of your refund.
If for some reason, the IRS indicates they have not received your tax return, and it was submitted electronically, you should follow-up with the preparer or visit the IRS web site directly for additional information.