Congress should be paying close attention to the IRS’s progress because the public will hold them accountable, write Curtis Dubay & Tom Sullivan.
Delayed refunds hurt cash flow and make it harder for businesses to keep the doors open, pay employees and vendors, and invest in the future. It is critical that Republicans and Democrats in Washington focus on improving the IRS’s performance and meeting the needs of all taxpayers, including America’s small businesses.It’s no secret that the IRS is struggling to process tax returns in a timely manner.
As the TAS made clear to Congress, “Some taxpayers need the refunds to meet payroll or otherwise maintain operations.” Lots of these are small businesses that need access to as much liquidity as possible right now to remain solvent. For some small businesses, assistance delayed is effectively assistance denied.
Stephanie Sims, a small business owner based in Arizona, is still waiting on her 2020 refund. Her business, Finance-Ability, is among the 51.1% of America’s 32.5 million small businesses that are S-corporations, which file taxes on their business's income by using IRS Form 1040. According to the TAS, only 3% to 11% of the 85 million callers seeking help with Form 1040 actually reached a representative. That is inexcusable.
The IRS has also failed to enter the digital age. It continues to process around 24 million paper tax returns and correspondence by hand, literally moving paper around on carts. Many of the computer and data systems the IRS does have can’t communicate with each other.
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