IRS will send more money in refunds to these people: Who qualifies
Starting in 2023, the Internal Revenue Service (IRS) will send more money in refunds to certain taxpayers: Who will they be? Here are the details.
As a new year approaches, the Internal Revenue Service (IRS) prepares for a new tax season.
However, there are taxpayers who are still waiting for their tax refund for the 2021 season, which occurred during the first quarter of this year.
And due to the coronavirus pandemic, the government agency in charge of taxes suffered a large number of delays, accumulating millions of returns since then. However, this could be good news for those whose returns have not yet been processed and are still waiting for their refund, as the IRS will have to pay you for the delays .
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IRS will send more money in refunds to these people: Who qualifies
If you filed your 2021 tax return on time and still haven't received your refund from the IRS, the agency will need to pay you an extra amount for the delays starting January 1, 2023.
This is only valid if the tax refund takes more than 45 days to be sent after the due date to file the return. That being said, as of the first day of the new year, in this case 2023 , the interest rate to be paid by the IRS rises to seven percent from the current six percent.
It is worth mentioning that the deadline to file taxes with the IRS was last April 18; which means that checks sent 45 days after the date will benefit from this extra payment seven percent.
According to official IRS figures, by November of this year, the government agency had accumulated a backlog of more than 3.7 million tax returns for 2021.