New 75-Day Refund Cycle for certain returns
Kay Collins - December 3, 2012 5:29 pm
The IRS has been charged by Congress to prevent fraud. In light of this endeavour certain EIC refunds could be suspended up to 75 days pending review by the compliance department. An affected taxpayer will receive IRS Letter 4883C by mail and must respond by telephone. The response must be completed by the taxpayer not the tax preparer. This is for proof of identity. If the taxpayer does not respond, the return will not be processed. Since most fraud occurs early in the tax season expect delays for up to 30% of your EITC clients.
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Kaloyan Nikolov wow Posted December 05, 2012 4:43am
Bernitha Dupree This is unfortunate, but is needed. I had two clients that was a victim of identity theft. Hopefully this will help deter the fraud. Posted December 05, 2012 1:26pm
joel mitchell ACTUALLY I HOPE THEY DONT DID WHAT THEY DID NEW JERSEY TO PEOPLE WHO PROVIDE THE INFO AND STILL HAD TO WAIT CLOSE TO 5 MONTHS FOR REFUND! Posted December 18, 2012 3:13pm
Trisha Sisson This will also mean that any firms or preparers that use bank products to deduct their clients fees from their return will also be delayed in receiving their payment. for up to 75 days... Posted December 18, 2012 5:39pm
jose perez thats really bad smh Posted December 24, 2012 4:58am
James Gaymon It's not a good thing, but probably needed. Posted January 20, 2013 10:10am