Millions of taxpayers around the United States are waiting for their tax refunds. As of July 1, the Internal Revenue Service (IRS) was still not processing tax refunds for 8.2 million people.
The average tax refund this year is $3,263, according to IRS data. The refund paperwork usually takes a few weeks, but this year it has been months and there is still no response to taxpayers who have not received their money.
How to speed up the process?
If it has been more than four weeks and you still have not received your refund and you have not been notified of your progress, the IRS has opened a web page where you can track your tax refund, the page is: “Where’s my refund?”.
If the time comes when you have no response from either side, it would be advisable to seek a tax expert to help you know what to do in this situation. Also, you should be attentive to your mail and notifications.
IRS must pay you interest
The IRS has a legal period to make the refund of the taxes, this period is 45 days, if after this time you have not returned them then you have to pay interest.
The rates for taxpayers will increase from 4% to 5% – but that rate is taxable, so you won’t see the full amount.