Expecting a big tax refund from the IRS? Then you don't want to read this...
FREE Catholic Classes
If you're counting on a big IRS return to make a big purchase, you may be waiting a lot longer than anticipated this year. Budget cuts in the IRS mean that fewer returns will be audited and services will become increasingly difficult to obtain. Worst of all for many people, refunds will be badly delayed.
Highlights
Catholic Online (https://www.catholic.org)
12/19/2014 (9 years ago)
Published in Politics & Policy
Keywords: IRS, taxes, refunds, delay, delayed, budget, cuts, audits, audit rate
LOS ANGELES, CA (Catholic Online) - The IRS takes on average, about three weeks to deposit a return for those who file electronically. Paper submissions naturally take longer. Each year, millions of Americans overpay their taxes, often deliberately, so they can enjoy a windfall in the spring after they file their returns. Most of these Americans file in February and by March they are injecting their tax savings into the economy.
However, the IRS has suffered a $346 million cut in finding for 2015, and the agency's budget is down by $1.2 billion overall compared to 2010.
Now is the time to make your tax-deductible donations for the year.
This coming year, according to the Congressional testimony of IRS Commissioner John Koskien, the agency will take much longer to process returns. Fewer people will be audited. Anyone who calls will take longer to reach a person and many people may never get through.
The IRS will have an increased workload as it audits returns for Obamacare compliance. In addition to simple compliance, the agency will have to correct any inaccuracies in subsidies paid to people who took advantage of Obamacare to get insurance. Many Obamacare patients are enjoying government payments towards their premiums because their income was means tested when they applied for insurance and as a result, they were granted subsidies. But for people whose income increased or who fibbed on their Obamacare application, the IRS will be responsible for collecting those tax credits back.
A hiring freeze has been put in place at the IRS, except for in emergencies and a number of staff have been laid off.
A natural consequence of this is fewer audits which means that tax cheats will have an easier time getting away with your tax dollars. At the same time, it could mean less revenue for the federal government to squander.
---
'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'
Copyright 2021 - Distributed by Catholic Online
We ask you, humbly: don't scroll away.
Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.Help Now >
Join the Movement
When you sign up below, you don't just join an email list - you're joining an entire movement for Free world class Catholic education.
-
Mysteries of the Rosary
-
St. Faustina Kowalska
-
Litany of the Blessed Virgin Mary
-
Saint of the Day for Wednesday, Oct 4th, 2023
-
Popular Saints
-
St. Francis of Assisi
-
Bible
-
Female / Women Saints
-
7 Morning Prayers you need to get your day started with God
-
Litany of the Blessed Virgin Mary
Florida Welcomes Volunteer Chaplains to Public Schools
-
10 Fascinating Details About St. Joseph the Worker: Celebrating His Feast Day - May 1
-
St. Joseph the Worker: Model for Men, Young and Old
-
Finding Peace in the Night: 3 Prayers for Restful Sleep
-
Sacrifices of Faith: The Pro-Life Legacies of St. Gianna and Jessica Hanna
Daily Catholic
- Daily Readings for Wednesday, May 01, 2024
- St. Marculf: Saint of the Day for Wednesday, May 01, 2024
- To Saint Peregrine: Prayer of the Day for Wednesday, May 01, 2024
- Daily Readings for Tuesday, April 30, 2024
- St. Pius V, Pope: Saint of the Day for Tuesday, April 30, 2024
- Prayer to Saint Joseph for Success in Work: Prayer of the Day for Tuesday, April 30, 2024
We ask you, humbly: don't scroll away.
Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.Help Now >
Copyright 2024 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2024 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.
Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.