When Can I Expect My 2018 Tax Refund?

Many clients have called to ask when they can file their tax return and more importantly, when to expect to receive their refund? Now that the Government is open after a 35-day partial shutdown, refunds are expected to be provided in a timely manner.

For your convenience, here is a summary of recent updates in the news:

TAXDAY

According to TAXDAY, 2019/01/29, I.1 “the IRS has announced that it expects the first tax refunds to go out during the first week of February. Additionally, many refunds will be paid by mid-to-late February, as in previous years”.

CCH Treasury Secretary, Steven Mnunchin

  • In an interview, Secretary Mnuchin said, “the Treasury and IRS are prepared for the 2019 tax filing season”, which began January 28.
  • In a January 29th televised interview Treasury Secretary Mnuchin said “#we’re taking tax returns. We’ll be ready for tax refunds. We’ll have the phones re-staffed” and went on to say, “We are ready for tax season, and I can assure you that tax refunds will be paid as normal”. Mnuchin sounds like the Treasury and IRS have this tax season under control.

IRS Commissioner, Charles Rettig

  • In a statement, Commissioner Rettig said, “the IRS will be doing everything it can to have a smooth filing season”. We will all hope this is the case given the implementation of the Tax Cuts and Jobs Act (TCJA). Given the many changes created by TCJA we can only wonder what a “smooth filing season” is truly going to be. There will be an increase in taxpayer questions coupled with an anxiety to receive refunds while navigating the TCJA. This will be a daunting task for all taxpayers and the IRS.

Where can I go for more information or questions on my refund?

If you are wondering about the status of your refund, taxpayers can go to “Where’s My Refund” on the IRS website . You will need to have a copy of your tax return to answer IRS authentication questions before your tax refund status will be provided.

Given the partial Government shutdown and in order to avoid long call wait times, utilize the IRS website as much as possible.  The website has a lot of information that may be able to answer your question.

 

It is important this year that taxpayers and preparers exercise extreme diligence when preparing tax returns. The implementation of TCJA coupled with the partial government shutdown pose risks that could generate tax return processing delays.

If you enjoyed this post, I’d be very grateful if you’d help it spread by emailing it to a friend, or sharing it on social media. Thank you!

—Tom

 

Thomas D. Terranova, Jr., CPA, PFS, CITP is managing member of Terranova & Associates, LLC and member of the AICPA and MA Society of CPA’s.

Terranova & Associates, LLC is located in Danvers, MA.  Please contact at 978-774-7700 for consultations.

Posted by Terranova & Associates LLC

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