Tax Refund Delays Are Happening at the Worst Time. Here's Why.
Millions of Americans have been hurting financially ever since the COVID-19 pandemic hit home, and many are desperate to get their hands on any amount of extra income, especially as lawmakers debate a second stimulus check. But unfortunately, one once-reliable source of cash is taking longer to reach Americans' bank accounts this year. We're talking about tax refunds, and IRS delays could not have come at a more inconvenient time.
The IRS received an estimated 136.5 million individual tax returns as of June 12, but the agency has only processed 124.6 million of that batch. What gives?
Part of the problem boils down to how those tax returns were filed. Nearly 124 million of those received by the IRS came in electronically. The remaining paper returns, however, are subject to a major hold-up.
Source Fool.com
