Up to $3,253 tax refunds are still pending to be received as Internal Revenue Service (IRS) experiences delays. As of the end of October, 9.6 million tax returns are still to be processed, says Russo.As of the last week of October, a total of 9.6 million tax returns are still to be processed according to the reports from the Treasury Inspector General for Tax Administration (TIGTA). The reports associated the pendings to the employee shortage at the Internal Service Revenue (IRS). The IRS is striving to increase its number of employees, however, it will most likely not meet its employment goal this year. Therefore, the pendings might carry on until 2023.
In contrast to the reports from last year which amounted to 10.8 million, the pendings this year have decreased. The average tax refund this year is up to $3,253 which is also an improvement after a 13.6% increase from 2021. Generally, the IRS releases tax refunds no longer than 3 weeks if the taxpayer has filed correctly. However, for amended tax returns, it can take longer than 5 months to process. This is a month of delay from the usual 4 months of processing.
Tips to Avoid Delays
According to Russo, to avoid delays, the most important thing to remember is to make sure that the tax returns filed have no errors and missing details. Tax returns filed electronically are also more likely to be processed faster compared to paper returns which could take up to 4 months of processing. The option to receive through direct deposit payments is also the faster way to receive the tax rebates compared to paper checks that might get lost in the mail.