The IRS has discontinued its refund cycle chart that let filers know when they could expect their refund to arrive. Instead, it now uses a website and a mobile service app that provides information on what date the refund will arrive. Every tax season, the IRS uses the general rule of thumb of issuing a tax refund within 21 days of filing. Over 90 percent of refunds arrive within this time period, making calls to the IRS is unnecessary unless it’s been six weeks since the return was filed.
On the surface, it seems as if the IRS is doing filers a disservice by discontinuing its chart. However, what the IRS has done is made it easier to figure out when a tax refund is going to arrive. Being able to log onto the website to get the latest status of the refund is much more accurate than going off a chart that estimates. Filing online can also serve to speed up the process as there is no lag time that starts the moment the return is mailed, then entered into the database by the IRS. Filers are now getting their refunds quicker than ever before.
For help with your taxes this tax season, contact the Phocus Companies in Phoenix, AZ, and set up a consultation today!
