Previous | Lease vs Buy: Which is Better for My Business? Next | Teaching Children to Save: 4 Simple Ways to Build Smart Money Habits Early
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
Teaching Children to Save: 4 Simple Ways to Build Smart Money Habits Early
Teaching Children to Save: 4 Simple Ways to Build Smart Money Habits Early

Teaching Children to Save: 4 Simple Ways to Build Smart Money Habits Early

April 23, 2025 / F&M Trust

How to Improve Your Credit Score: Simple Steps to Success
How to Improve Your Credit Score: Simple Steps to Success

How to Improve Your Credit Score: Simple Steps to Success

April 04, 2025 / Mary Wright

Understanding Debt Consolidation
Understanding Debt Consolidation

Understanding Debt Consolidation

March 21, 2025 / Heather Gormont

The Importance of Financial Planning: Set Yourself up for Success
The Importance of Financial Planning: Set Yourself up for Success

The Importance of Financial Planning: Set Yourself up for Success

February 14, 2025 / Alyssa Proctor

Big Game Stock Market Forecast
Big Game Stock Market Forecast

Big Game Stock Market Forecast

February 03, 2025 / Warren Hurt

Reducing Monthly Expenses
Reducing Monthly Expenses

Reducing Monthly Expenses

January 08, 2025 / Courtney Shauf

Keeping your personal information safe this holiday season
Keeping your personal information safe this holiday season

Keeping your personal information safe this holiday season

November 29, 2024 / Dave Long

How merchant services can help small businesses
How merchant services can help small businesses

How merchant services can help small businesses

November 19, 2024 / Cynthia Marconi

Cell phones are a target for scammers
Cell phones are a target for scammers

Cell phones are a target for scammers

November 12, 2024 / Ray Wills

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.