Previous | Lease vs Buy: Which is Better for My Business? Next | How to safely use digital banking
January 06, 2023 / The Merrill Anderson Company
Why the IRS is still catching up

Why the IRS is still catching up

The effect of the Covid-19 pandemic upon supply chains and prices has been much commented upon. Less well known is that the pandemic caused the development of a major backlog at the IRS. As of the end of August 2022, some 8.2 million individual tax returns remained unprocessed.

illustration of tax document and calculatorBut according to a November 2022 update, major progress had been made. The number of unprocessed returns had been cut to 4.2 million. According to the IRS, “These include tax year 2021 returns and late filed prior year returns. Of these, 1.9 million returns require error correction or other special handling, and 2.3 million are paper returns waiting to be reviewed and processed.”

There were also an estimated 900,000 unprocessed amended tax returns in November 2022, filed on Form 1040-X. They are processed in the order received, and processing can take up to 20 weeks, the IRS reports.  Taxpayers may get status reports on their amended returns by going to “Where’s My Amended Return?” at the IRS website (https://www.irs.gov/filing/wheres-my-amended-return).

All this progress is welcome, but a whole new tax season is about to begin. The major additional funding for the IRS enacted by Congress in 2022 may help to alleviate such problems and reduce delays in the future.

 

© 2022 M.A. Co.  All rights reserved.

Recent Articles
How to safely use digital banking
How to safely use digital banking

How to safely use digital banking

October 03, 2024 / Ray Wills

It’s never too early to save for the holidays
It’s never too early to save for the holidays

It’s never too early to save for the holidays

September 26, 2024 / Pheonix Gilbert

How to set SMART financial goals
How to set SMART financial goals

How to set SMART financial goals

September 19, 2024 / Pheonix Gilbert

Why it’s important to invest financially early in your career
Why it’s important to invest financially early in your career

Why it’s important to invest financially early in your career

September 05, 2024 / Warren Hurt

Is it a good idea to pay off my mortgage early?
Is it a good idea to pay off my mortgage early?

Is it a good idea to pay off my mortgage early?

August 22, 2024 / Erin Sunday

How to save on back-to-school shopping
How to save on back-to-school shopping

How to save on back-to-school shopping

August 15, 2024 / Megan Brindle

Avoiding the pitfalls of debt and overusing credit
Avoiding the pitfalls of debt and overusing credit

Avoiding the pitfalls of debt and overusing credit

August 08, 2024 / Dave Winters

Teaching children to save money
Teaching children to save money

Teaching children to save money

July 24, 2024 / Mary Kate Mumper

What to consider when weighing a job offer
What to consider when weighing a job offer

What to consider when weighing a job offer

July 17, 2024 / Levi Crouse

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.