The Internal Revenue Service is overwhelmed with unopened business tax refund requests and has been advising companies to instead file by fax. Because of the coronavirus pandemic, the agency’s processing and taxpayer assistance centers have been closed to protect their workers from being exposed to the virus. This may greatly affect the timeliness of receiving your tax return.
Since the tax deadline has now been extended to July 15, the IRS is focusing its attention on sending out stimulus payments as a means of providing economic relief across the country. If you haven’t received yours already, you can visit the Get My Payment feature that the IRS has provided to check the status of your check and if you qualify. Individuals who do qualify are receiving $1,200, $2,400 for couples, and $500 for children 17 and under.
With this in mind, it is safe to expect that millions of individuals and businesses will have to wait longer than usual for their tax refund if they recently filed. This may take even longer for those who are disputing how much they may owe or want to see if they qualify for certain tax credits.
Even though the tax deadline is delayed, we suggest that you file your taxes sooner rather than later if you haven’t already. This will help reduce the time it may take to receive your return, and it may be helpful to have the extra cash in your pocket during these difficult times. For more information on tax tips during the coronavirus pandemic, check out our blog.
Looking for information on loan forgiveness of PPP Loans, resources for small businesses, SBA Loan programs under the CARES Act, or tax tips during the coronavirus pandemic? Visit our COVID-19 resources page for a list of useful links.
We are an Orange County CPA firm based in Irvine that is committed to providing quality tax and accounting services along with sound financial direction to clients throughout Orange County, California. We offer business development consulting, audit, tax preparation, IRS Audit, retirement planning, business roundtables, estate planning, QuickBooks consulting, Interim Chief Financial Officers, and a full range of traditional public accounting services. If you would like to learn more about how we can help you and your business improve its accounting practices during this difficult time, reach out to our team. For more information on other accounting topics, check out our blog.