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Tax Refund Chart

2020 Tax Refund Chart Can Help You Guess When You’ll Receive Your Money

Kelly Phillips Erb
Kelly Phillips ErbSenior Contributor
Taxes

IRS tax forms with tax refund check

GETTY

The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. And I know what you're thinking: when are those tax refunds coming? Assuming no delays, here are my best guesses for expected tax refunds based on filing dates and information from the IRS:

Refund chart 2020

Refund chart 2020

 
KPE

* No matter when you filed your tax return, if you claimed the EITC or the ACTC, don't forget to take into consideration the required hold. Keep reading for more.

I can't stress enough that these are educated guesses. I like math and charts as much as the next tax geek, but many factors could affect your tax refund.

My numbers are based on an expected IRS receipt date beginning on the open of tax season, January 27, 2020, through the close of tax season on April 15, 2020. To keep the chart manageable, I've assumed the IRS accepted your e-filed tax return on the first business day of the week; that's usually a Monday, but if there's a holiday (like President's Day), I've skipped ahead until Tuesday.

IRS Unveils New Taxpayer Relief Initiatives

Tuesday, November 3, 2020

The IRS is back up and running and they are continuing their efforts to help struggling taxpayers impacted by COVID-19 and natural disasters. On November 2, 2020, the IRS unveiled new changes in the Collection Division which are intended to assist taxpayers facing financial challenges. According to Darren Guillot, IRS Small Business/Self-Employed Deputy Commissioner for Collection: "…this has been a difficult year in many states dealing with both COVID and natural disasters. In times like these, dealing with tax issues can be tough. And we want people to know our employees are committed to continue helping taxpayers wherever possible, including offering many options for those struggling to pay their tax bills."

The IRS is responsible for collecting almost 95 percent of total federal revenue through its compliance and collection activities. Earlier this year, the IRS provided tax relief through implementation of the People First Initiative. While these relief provisions expired on July 15, 2020, the IRS has continued to make changes in collection policies and procedures while resuming critical tax compliance responsibilities.

Highlights of these collection changes are listed below. It is important to note, however, that the changes listed below apply only to cases that are not assigned to a Revenue Officer in Field Collection.

  • Short-term extensions of time to pay the tax balance in full have been extended to 180 days (six months). Prior to this change, taxpayers had only 120 days on a short-term extension.

  • To avoid taxpayer default on existing installment agreement, the IRS will automatically add certain new tax balances to the agreement.

  • Individuals who owe less than $250,000 can set up an installment agreement without having to provide financial statements and substantiation of expenses. For this to apply, the liability must be paid in full within the statute of limitations on collection.

  • Individual taxpayers who owe only for 2019 and who owe less than $250,000 may qualify for an installment agreement without the IRS filing a notice of federal tax lien.

  • Taxpayers with existing direct debit installment agreements who owe less than $50,000 can propose a lower monthly amount and change their payment due date online.

As noted above, these changes DO NOT apply to cases that are assigned to a Revenue Officer in Field Collection. 


ABOUT THIS AUTHOR

Angelique Neal Tax Attorney
Angelique M. Neal
Counsel

Angelique is a member of Varnum’s Tax Team. Her practice includes all aspects of federal and state tax controversy and tax planning, including: tax audits, appeals, and litigation; tax collections – liens, levies, offers in compromise, and other collection alternatives; employment tax issues; and civil and criminal tax litigation. In addition, she handles tax and reporting compliance issues with offshore financial accounts and other assets. She represents individuals and business clients from small businesses to multimillion dollar corporations, including clients with overseas interests....

amneal@varnumlaw.com
248-567-7831
www.varnumlaw.com

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11001 W. 120th Ave., Suite. 400
Broomfield, CO  80021-3493
303-690-2030 (office)
303-690-4055 (fax)

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