The level of service at the IRS is at its lowest in history. As of October 5th, the IRS still had 9.5 million paper returns to process - 5.5 million 1040 returns and 4 million business returns. Therefore, we anticipate that the delays will continue into the 2021 filing season. In addition, the IRS is now estimating a delay of 120 days or more for returns filed with errors, which is why you must provide us with accurate information. Otherwise, your return will be delayed.
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September Child Tax Credit Delays:
If you were expecting a Child Tax Credit payment on September 15th and did not receive it, you are not alone. The IRS issued the following statement on September 18th:
"This week, the IRS successfully delivered a third monthly round of approximately 35 million child tax credits with a total value of about 15 billion dollars," the IRS said. "We are aware of instances where some individuals have not yet received their September payments, although they received payments in July and August. These individuals may not yet be able to receive a current status on the IRS.gov Update Portal. The IRS is currently looking into this situation, and we will share more information as soon as possible."
Instances like this make keeping track of your payments even more critical. We will need accurate records to ensure your 2021 return is filed with correct information. See below for information on creating an account to access your CTC records online.
If you filed an extension, your 1040 return is due on Friday, October 15th.