How Long Can the IRS Hold Your Refund For Review?
When you file your taxes, you may be thinking that the IRS is done with you. Unfortunately, that’s not always the case. In fact, the IRS can hold your refund for review for a number of reasons. It’s important to know how long the IRS can hold your refund for review in order to ensure that you don’t panic when you don’t hear anything from them sooner than expected. Keep reading to learn more about the different reasons that the IRS might hold your refund and how to prepare for this possibility.
The IRS has different policies for holding refunds for review
The IRS has different policies for holding refunds for review depending on the type of refund you received. Generally, the IRS will hold a refund for six months from the date it was sent to you, but there are some exceptions. The IRS will generally hold a refund if it is suspected that you have not filed your tax return or if you claim a refundable credit that was not correctly allocated or claimed. The IRS also may hold a refund if there is evidence that you cheated on your taxes.
The length of time the IRS can hold your refund for review
The IRS can hold your refund for review as long as they have reason to believe that the return was not filed or processed in accordance with tax law. The IRS will notify you of their decision by mail. If the return is found to be incorrect, the IRS may ask for additional information before releasing the refund.
What you can do to speed up the review process
If you are expecting a refund, the IRS encourages you to check the status of your refund as soon as possible. The sooner you know whether your refund has been transmitted to your bank account, the sooner you can start spending your money.
To speed up the review process, follow these tips:
1. Verify that you filed your tax return and received an acknowledgment from the IRS. If you don’t receive an acknowledgment, contact the IRS’s telephone assistance line at 1-800-829-1040 for help verifying your filing.
2. Check bank account statements for any pending refunds to make sure that the funds have been transferred from the IRS.
3. If there is a problem with your return or if additional information is needed, file a Request for Review (Form 9465) with the Taxpayer Advocate Service (TAS). You may also want to consider contacting a tax lawyer or accountant who can assist with getting your refund processed more quickly.
The consequences of not having your refund released within a certain timeframe
If you do not receive your refund within a certain timeframe, the IRS may hold it for review. The amount of time the IRS can hold your refund for review depends on the type of refund you filed and where you are located. Generally, the IRS will hold refunds that are more than six months old for up to 18 months from the date they were issued, depending on the reason for the delay. If you filed a paper return, the refund may be held by the post office indefinitely. Refunds that are more than 90 days old may be subject to bank or credit card processing delays, which could further delay their release. Additionally, if you failed to include all of your required information when you filed your return, your refund may be delayed because of additional verification that is required before it is released.
Also Read: How Can We Understand Fractions Easily?
Conclusion
Hopefully, this article has helped you understand the various IRS refund review options and how long you may have to wait for your return to be processed. It’s always a good idea to contact the IRS if you have any questions or concerns about your return status, as they are more than happy to help. Remember that the sooner you contact them, the sooner your refund will be released back to you!