Tag: tax filing

IRS Sets Tax Filing Extension Now To Five Months For Partnership, Estate And Trust Returns

New rules set by the IRS have changed the time of automatic extensions.  These rules affect estate, trust and partnership tax returns.  Instead of the former six month tax filing extension, the new period is just five months.  For most individual taxpayers the new rules will have little to no effect on filing date or individual taxpayer extensions.

The filing options with an extension for these entities was a six month period.  However, the new rules have reduced the amount of time allowed by one month.

In the past, the extension only required the filing of a single form and by filing a second form another extension of three months was added.

At the public hearing on this change on extensions, there was concern issued that taxpayers might not receive information about changes in time to gather necessary paperwork to complete their filings in a timely or accurate manner.

When this proposal went to public hearing, there were just seventy comments made on the changes.  Many of those making comments suggested that the due date be changed instead of shortening the time allowed for extensions.  This could have been accomplished by changing tax day to April 30 for individuals, or extending the individual extension to seven months.  Others making comments, suggested changing the normal filing date for those affected by the shortened extension period be changed to March 15, but still allowing them to request a full six month extension in order to get the necessary information to taxpayers that it would affect.

Checking the Status Online of Your Tax Refunds

Checking the Status Online of Your Tax Refunds

It might feel good to know that there is a tax refund waiting for you. Congrats! The most common question asked by every expectant taxpayer is; “Where is my refund?” Check status of your refund online.

The quickest and easiest way to check your tax refund is asking the IRS through their web site www.IRS.gov. There is a link called “Where’s My Refund?” on the home page itself. It’s fairly simple to use this service. You only need to have your tax return copy so as to be able to provide the … Read the rest

Checking the Status Online of Your Tax Refunds

It might feel good to know that there is a tax refund waiting for you. Congrats! The most common question asked by every expectant taxpayer is; “Where is my refund?” Check status of your refund online.

The quickest and easiest way to check your tax refund is asking the IRS through their web site www.IRS.gov. There is a link called “Where’s My Refund?” on the home page itself. It’s fairly simple to use this service. You only need to have your tax return copy so as to be able to provide the required data for getting the refund status. To be specific, you will need your social security number, the filing status, and the refund amount. The basic reason for asking about this information is for your personal security; the agency tries to make sure that it is dealing with a genuine taxpayer. Moreover, your return also should have all this information. Otherwise, there might be something wrong.

After inputting all this information, a results page should appear that will show certain messages like:

(i) Return received and it is under processing

(ii) It might show you the expected date for direct deposit of refund or the mailing date

(iii) Refund not issued because of some delivery problem

Sometimes, it might tell you that your return is reviewed by the IRS due to some error or doubtful entry. In situations like this, you should rush on to some expert tax professional and get your return reviewed to make it error-free.

How long should you wait before checking?

In case of electronic filing, the refund status normally becomes accessible after 48 to 72 hours from the actual time of filing your returns. As the return comes into the data base in electronic format, so the system should get very quickly updated. In case of non-electronic filing of your returns, you won’t be able to check status of your return before 3 weeks or sometimes even more. As the IRS receives a lot of returns in paper format, so it takes a plenty of time to enter all the data into the data base.

How much time does it normally take to receive your refund?

The time needed for issuing a refund depends upon the way the return is filed. In case you filed a paper return and sent through regular mail, then the refund could be expected within 6 to 8 weeks after the IRS receives your return. And in case of electronic return filing, you can expect the same within 3 to 4 weeks time. In case you gave preference for direct deposit of the refund in your bank account, then simply take off 1 week from the above calculations.

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