The Internal Revenue Service (IRS) has been experiencing delays in opening mail delivered to the organization, which has created a slower response to tax refunds, or any other requests made by mail. We wanted to make clients aware of this backlog, as some have inquired as to the status of their refund. Please visit the “Where’s My Refund?” section of the IRS website to learn the latest about your specific refund.
If you have mailed a check to the IRS and it has not been cashed, the IRS has indicated that you will be credited with making the relevant payment at the time the check was mailed, not when it is cashed. It is best not to make another payment and do not cancel any checks that the IRS is slow to cash.
Regarding tax refund deposits, you may notice a Tax Refund Interest Payment in your bank account if your tax return was filed by July 15 and you are due a refund. The IRS recently decided to provide these payments to certain 2019 filers due to the delayed deadline and refunds being issued later because of COVID-19. Read here to learn more. As always, please contact a member of the Crosslin tax team at (615) 320-5500 with any questions. We are here to help!