Tax Refunds Likely to Be Delayed This Year

As much of the nation is aware, the tax season for this year is quickly approaching its close. With the end of tax season comes a certain excitement for tax refunds.

Tax refunds can often help many individuals and families that are low on funds or otherwise in need of a little extra money. This is especially true in today’s economy that’s seeing prices go up amongst businesses and even with rideshare services and at the Post Office.

Unfortunately, Americans who are looking forward to receiving their tax refunds this year are going to be disappointed.

According to Fox Business, there are going to be some very real delays with the delivery of tax refunds to Americans.

Bad News for Everyday Americans

Chuck Rettig, the commissioner of the IRS, shared some very bad news this week.

Rettig says that as a result of return backlogs and shortages in staffers, the IRS is taking on greater responsibilities and providing more service to more individuals.

On top of this, the government agency has also had some troubles with getting its IT systems updated.

As a result of all these moving parts, the IRS has a lot more to take on with fewer resources at its disposal. That’s also not to mention the various tax changes that have been put into effect, due to stimulus checks and child tax credits.

The IRS has conceded that these factors only open up the door to more complications, delays, and problems. Unfortunately, this doesn’t bode well for Americans who are counting on having their tax refunds in time, only to be left hanging in perpetuity.

Reactions to the News

Many Americans have gone on social media, expressing their frustrations with the news of tax refund delays.

However, there are other people who have said they’re already experiencing these delays personally. With an economy that’s very tumultuous at this time, many Americans don’t take kindly to not knowing when they’ll get their own money back.

Then, there’s the issue of early filing. Some people filed their taxes ahead of time as a means of offsetting any potential delays; yet, even this hasn’t worked out in the ways many Americans were counting on.

For some Americans, delays in their tax refunds will definitely have some real implications on their finances, especially with inflation being such a dominant force in the US economy.

This news is sure to make the IRS even more unpopular with Americans than it already is today.

What do you make of the news that there will be delays with tax refunds from the IRS? Are you personally experiencing any of these delays yet? In the comments area, please let us know about your situation.