IRS

Wealthy Americans should be prepared for audit levels they haven’t seen in decades, if the Democrats’ tax and climate bill passes the House.

This tax break has been in the crosshairs of Congress for years but was removed from Senate Democrats’ Inflation Reduction Act.

Many different factors can affect the timing of a refund after the IRS receives a return. A manual review may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud.

That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Tax practitioners who use a secure service will still have access to IRS transcripts.

The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now, and using projections based on previous years- and depending on when a person files their return.

The estimated refund date chart is below if you just want to scroll down. Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks after filing electronically.

The IRS is urging people receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022.

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for...