Financial Focus: Your 2020 Tax Refund - The IRS Cloggy Processing hole from hell!

By Professor Anthony Rivieccio MBA PFA

Got those stimulas checks- from the Government? Was a good thing, huh? Over the course of the Trump & Biden administration’s, you should have received 3 and soon maybe even 4. Isn’t that good?

So , who’s the agency that has all these people processing checks, immediately, as per the law? After all, we do want those checks as soon as possible right?

The agency….is the IRS!!!

And if the IRS has been so busy the last 2 years processing ” checks”, guess what they have not been processing? Your tax file!

So believe it or not, their are tax filers , since 2019 , that have not received their tax refunds. No, it’s not lost! It’s just caught up in processing hell

And for THIS year 2020!. You can expect the same delay, maybe even worse.

And , believe it or not , were not finished, it gets even worse for 2020 , for early filers. Processed your taxes already? Got your refund?. Good for you! That might mean, that were not done correctly, according to the new Joe Biden COVID law. Why? Because they were processed under the old laws.

While the new law authorized more stimulas checks-, it also tweaked some laws to make it better for individuals & families to cope financially with the stress of COVID.

So if you have children, received unemployment, eligible for the Earned Income Credit?. Well now the government is going to give you more money back! Congrats!

How do you get the money if you filed your 2020 taxes already?. Go to your tax representative to file an ” amendment form” to have them redone. First you’ll have to handle paying the tax person, again!. Then they will go into the ” rapidly overflowing processing file”.

And for the people who have not filed yet? Well, there is an extension now, till May 17th. Good, right?

How ” cloggy” do you think the IRS ” processing hold from hell” hole will be then? We think they will actually have to consider a second pipeline, as the first one will be overflowed with IRS ” tax filing” drainage.

If I’m starting to sound like a plumber it is because , professionally speaking, the process was getting so complex, as a firm we stopped processing ( not interviews) for 2 weeks. We explained to our Clients the situation firsthand and while they share my frustration ( and then some) my hope and plan is to make sure the ” IRS pipeline ” damage is minimal. By design most did not file.

Anyone ever hear of Roto Rooter!? We need a something to clean out the IRS drainage.

Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 25th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The Bronx News, thisisthebronX.info and The Bronx Chronicle. Mr. Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? Our professional page is: www.facebook.com/iwantmytaxmoney