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FINANCIAL NEWS

IRS Tax Season 2023: When to expect your tax refund

The tax agency will soon begin accepting returns for the 2022 tax year and filers could start to get their refunds in a matter of weeks.

Update:
When to expect your tax refund this year
ERIN SCOTTREUTERS

Tax season in the United States is nearly upon us. The Internal Revenue Service will start accepting and processing returns for the 2022 tax year on 23 January.

It is thought that more than 168 million individual tax returns are due to be filed before the 18 April deadline, giving the tax agency a herculean task to undertake. However there is hope that this year’s filing season will go a lot more smoothly than the previous three, all of which were disrupted by the pandemic.

This year the IRS has been given additional funds from the federal government to ensure that the process can be completed swiftly. The IRS aims to ensure that taxpayers who file electronically receive their refund within 21 days of filing, assuming they select the direct deposit option.

But although the IRS is due to start processing returns on 23 January, the agency will not begin issuing refunds for recipients of the Earned Income Tax Credit or Additional Child Tax Credit (ACTC) before mid-February.

Twenty-four hours after submitting your 2022 income tax return you should be able to track the status of your refund online. The IRS’ ‘Where’s My Refund?’ online portal will be updated daily as your refund is processed.

New resources should speed up refunds

The past few years have been chaotic for the tax authority, with covid-19 interfering in a variety of ways. In 2020 the pandemic hit in the middle of filing season, forcing IRS workers to leave the office and preventing all in-person assistance.

In the following years, the IRS was tasked with the administration of a number of pandemic-era relief programs, from stimulus checks to the expanded Child Tax Credit.

As a result of that disruption a huge backlog of unprocessed returns, many several years old, built up. In a bid to boost the agency’s capabilities President Biden included additional funding for the IRS in the Inflation Reduction Act passed last year.

Subsequently the IRS has hired another 5,000 telephone operators to assist with filers’ queries and brought on more in-person staff to aid the process. Speaking ahead of filing season 2023, Acting IRS Commissioner Doug O’Donnell said: “This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act.”

“With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year,” he added.

“That’s just the start as we work to add new long-term transformation efforts that will make things even smoother in future years. We are very excited to begin to deliver what taxpayers want and our employees know we could do with this funding.”

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