IRS clarifies 3 big tax myths regarding refunds & unpaid taxes

Here are three of the most persistent public myths the IRS encounters.

Myth 1: All refunds are delayed
No. The IRS issues more than 9 out of 10 refunds in less than 21 days. However, while most refunds are issued in less than three weeks, some may be delayed. “By law, the IRS cannot issue refunds for tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February.” Filing on-line and opting for direct deposit [vs. mailed paper] refunds are still the quickest options. E-filing is “the safest, fastest way to receive a refund.”

Myth 2: You should call the IRS
No. A call to the IRS likely won’t help you find out any new information about your refund. Instead, the IRS suggests using the official website or mobile app to check your status. The IRS website offers the same information as its telephone operators do, “so there is no need to call unless requested to do so by [our] refund tool.” Also, the website “provides many self-service tools for individuals, businesses and tax professionals,” the IRS notes.

Myth 3: The IRS will call or email you
No. If you receive a call, text or email from someone claiming to be from the IRS, it’s probably a scam. “The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Generally, the IRS will first mail a bill if taxes are owed.”

The IRS also won’t threaten to immediately bring in law enforcement to arrest you for not paying taxes, demand taxes be paid without giving you an opportunity to question or appeal the amount owed, nor would the IRS ask for credit or debit card numbers over the phone.

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Excerpt from CNBC article. Read full article here:
https://www.cnbc.com/2018/02/13/3-tax-myths-the-irs-wants-to-clear-up-for-you.html

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Author: Accu-Tax Services

I am a baby-boomer, semi-retired, who began public accounting and tax prep services in late 1985. In assisting clients, I strive to take the stress out of necessary paperwork and tax reporting, whether clients are individuals or businesses.

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