The much-anticipated filing season for Tax Year 2018 – and the first filing season to reflect the sweeping changes under the 2017 Tax Cuts and Jobs Act – opened on Monday (January 28). For tax professionals and taxpayers alike, there are a lot of questions that will likely stay unanswered for the foreseeable future.
One question that has been at the forefront of taxpayer concerns, however, is: When will I get my refund? The IRS stated in its January 7, 2019 release that it would “provide refunds to taxpayers as scheduled.” Assuming all goes according to plan (a bold assumption in the shadow of the longest government shutdown in U.S. history and the threat of another shutdown looming), more than 90% of refunds are issued in less than twenty-one days from the date the return is processed. Because electronically-filed returns are processed faster than the traditional paper returns sent though the postal service, taxpayers who e-file and provide direct deposit information are likely to see refunds hit their bank accounts the fastest. One tool that the IRS has provided is a “Check My Refund Status” link (and mobile app) that allows taxpayers to track the status of their return and refund. Taxpayers will need their social security number or ITIN, filing status, and exact refund amount in order to access this tool. For taxpayers who e-file, the IRS provides that information should be available approximately twenty-four hours after e-filing. For returns filed by mail, refund status information can take up to four weeks before becoming available.
For taxpayers who take advantage of the Earned Income Tax Credit (EIC) or Additional Child Tax Credit, however, refunds will not be issued until February 27, 2019, regardless of when the return is filed. The “Check My Refund Status” tool will be available to taxpayers claiming these credits beginning February 23, 2019.
Kati Sanford Goodner is based in the firm’s Knoxville office. Commercial Litigation and Tax Controversy are Kati’s primary focus, although her experience and practice routinely includes Estate and Trust Litigation, Conservatorships, and advising her small business clients in a variety of matters ranging from formation issues to shareholder disputes and litigation. With an extensive background in litigation, Kati represents taxpayers before the Internal Revenue Service and the Tennessee Department of Revenue in both civil and criminal tax matters, whether in the early stages of an examination, at the collections stage, or seeking relief from IRS liens and levies through the administrative process or in Court. She is adept at handling complex litigation, has represented clients in Tennessee and across the country, and she routinely works with professionals ranging from accountants to highly-specialized physicians and engineers.
Kati is a regular speaker and author on tax-related matters, including legislative changes and practical applications of the tax code for individuals and small businesses. In addition to serving on various boards within the Knoxville, Tennessee, and American Bar Associations, she is a member of the Tennessee Bar Association’s Tax Law Section and the American Bar Association’s Section of Taxation. She also serves as a member of the City of Knoxville’s Better Building Board and enjoys working with middle school girls at Cedar Springs Presbyterian Church.