The Internal Revenue Service announced it will have completed processing all original individual tax returns received in 2021 by the end of the week. But despite the progress, IRS officials admit returns are piling up for this year's tax filing season.
The Internal Revenue Service announced on Tuesday it will have completed processing all original individual tax returns received in 2021 by the end of the week. The update marks a major milestone for the agency, which has been hampered by a massive backlog since the coronavirus pandemic began more than two years ago, leaving taxpayers waiting months to receive tax refunds from taxes filed last year.
The completion of business paper returns filed last year will follow shortly, the IRS said. At the same time, there are still some remaining individual returns from last year that have processing issues that will need to be resolved or require additional information from a taxpayer. As the IRS continues to work through the backlog, the agency is also dealing with this year's tax filing season. To date, the IRS has processed more than 143 million returns with nearly 98 million refunds worth more than $298 billion being issued. While returns filed electronically without errors have been processed typically within 21 days, significant challenges remain.
"That the backlog continues to grow is deeply concerning, primarily because millions of taxpayers have been waiting six months or more to receive their refunds," Collins wrote.
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