It’s tax season! Although the deadline is set for April 15, many individuals are opting to file early in order to receive their tax refunds more quickly.
What’s the quickest way to receive your tax refund, and what should you do if it doesn’t arrive?
No 2024 IRS Refund? Guidance from the IRS
The IRS website states that “the best and fastest way to secure your tax refund is to have it directly deposited into your bank account at no cost.”
The agency recommends taxpayers set up Direct Deposit, a method used by eight out of ten filers.
Additionally, it’s straightforward to divide the refund across multiple bank accounts.
Where’s My Refund?
The IRS provides a “Where’s My Refund” tool, allowing taxpayers to monitor the status of their refunds.
According to the IRS, the status is usually updated within 24 hours for e-filed current year returns, three to four days for e-filed prior year returns, and four weeks for paper filings.
On the “Where’s My Refund” page, users can input their Social Security Number and refund amount, while also indicating their filing status and tax year.
After entering this information, the system will indicate whether the refund is received, approved, or sent.
Refunds may experience delays, the IRS explains, if “your return requires corrections or additional review. If further information is needed to process your return, we will send you a letter.”
What If Your Refund Still Hasn’t Arrived?
If taxpayers haven’t received their refund and have already checked the “Where’s My Refund” service, they have the option to initiate a “refund trace” to determine if the refund was lost or stolen.
If the check has not been cashed, the taxpayer will receive a replacement. If it has been cashed, the Treasury Department’s Bureau of the Fiscal Service will provide the taxpayer with a claim package to ascertain if a new check can be issued.
Be Aware of Tax Scams
The IRS alerts taxpayers to various scams designed to fraudulently acquire tax refunds or sensitive information.
According to the IRS, “scammers mislead you about tax refunds, credits, and payments, pressuring you for your personal, financial, or employment details.”
Taxpayers should remain vigilant against phishing scams, misspelled emails, and promises of extraordinary refunds. These scams can take many forms, including fraudulent charities, fake tax preparers, misguided advice, or sham tax bills.
Every year, the agency publishes a list called the “Dirty Dozen,” highlighting the most prevalent tax scams of that year.
The 2024 edition includes emerging scams like “Syndicated conservation easements,” “Micro-captive insurance arrangements,” and “Misusing a tax treaty with Maltese individual retirement arrangements.”
Will IRS Cuts Delay Your Refund?
Recently, the IRS has been in the news for another reason.
CBS reported that over 6,000 IRS employees were anticipated to be laid off by the end of the week.
More than half of these cuts will impact the IRS Small Business/Self-Employed Division, with cuts primarily affecting probationary employees.
Tax experts quoted by CBS expressed “valid concerns” about how these cuts might affect refund processing.
Donald Trump speaking at CPAC 2011 in Washington, D.C.
One expert indicated that refunds for “relatively straightforward returns” should be largely unaffected, but taxpayers should brace for increased hold times on phones and generally slower customer service.
It’s also likely that resolving issues—be it with a refund or other discrepancies—will take longer.
About the Author: Stephen Silver
Stephen Silver is an award-winning journalist, essayist, and film critic, contributing to the Philadelphia Inquirer, the Jewish Telegraphic Agency, Broad Street Review, and Splice Today. A co-founder of the Philadelphia Film Critics Circle, Stephen resides in suburban Philadelphia with his wife and two sons. For over a decade, he has written thousands of articles covering politics, technology, and the economy. Follow him on X (formerly Twitter) at @StephenSilver, and subscribe to his Substack newsletter.
