why do we have to wait to file taxes
In less than two weeks, taxpayers will be able to file their tax returns. PBut many taxpayers will have to wait longer to cash out their tax refunds thanks to new efforts from the IRS and state tax authorities to catch tax fraud. Illinois announcedPthis week that it will delay tax refunds to have more time to verify tax returns. State tax refunds wont be issued until after March 1, the states department of revenue announced on Monday. The move comes at a time when tax-related identity theft isPa growing problem for tax groups, including the IRS and state tax authorities. An apparent spike in suspicious returns during the last filing season led to a series of new efforts from the IRS, state tax authorities and the tax preparation industry to cut down on refund theft during the upcoming filing season, which startsPon. By delaying taxPrefunds by just a few weeks, well be able to better detect attempts at identity theft andPensure taxpayer refunds do not fall needlessly into the hands of criminals, Connie Beard, the director of the Illinois Department of Revenue, said in a statement. Similar efforts to delay refunds until at least late February last yearPsaved the state from payingPabout $5 million in fraudulent refunds, Beard said in the statement. This year, state tax agencies are partnering with the IRS and tax preparation companies to share informationPabout suspicious tax returns in an effort to be better about catching tax fraud as it happens. Many states have beenPrevising their fraud filters to identify the phony returns being filed by criminals to steal fraudulent tax refunds. For example,PAlabamaPisPasking taxpayers to fill out questionnaires meant to help verify their identities, before tax refunds are paid out. The state is also asking employers to send W2 forms earlier, by the end of January, so that it can have the data available to help verify tax returns as they come in, saidPJulie Magee, commissioner of revenue for Alabama.
All suspicious returns, such as those with employment informationPthat doesnt match their records,
P will be heldPuntil they can confirm a persons identity, MageePsaid in an interview last fall. Or we wont pay them at all, she said. Some taxpayers also faced delays with theirPfederal tax refunds last year because of added fraud prevention P efforts, National Taxpayer Advocate Nina E. Olson said in her, which was released Wednesday. More than 40 percent of the 4. 8 million tax returns flagged by the IRSs fraud filters during the last filing season were filed by legitimate taxpayers, up from 20 percent the year before, Olson said. But those delays may affect a small percentage of taxpayers. The IRSPsaid in late DecemberPthat it still expects to pay outProughly 90 percent of tax refunds within their typical time frame of three weeks or less during the next filing season. PThe agency said filing electronically andPusing direct deposit can help people receive funds more quickly. Read more: Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. Absolute Zero 0 federal (forms 1040EZ/1040A) 0 state limited time offer only available with TurboTax Free Edition; offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase. Special discount offers may not be valid for mobile in-app purchases. QuickBooks Self-Employed Offer with TurboTax Self-Employed and TurboTax Live: To receive your complimentary subscription to QuickBooks Self-Employed through 4/30/19, you must pay for your 2017 TurboTax Self-Employed or TurboTax Live return by 4/17/18 and sign-in and access your QuickBooks Self-Employed account via mobile app or at at least twice by 7/15/18.
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