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News & Knowledge

USA: Top five IRS refund myths

8th March 2017
Corrigan Krause

MSI's Ohio accounting member Corrigan Krause shares an interesting article by the Internal Revenue Service (IRS) dispelling some common myths about your tax refund.

The Top Five IRS Refund Myths article by the IRS expands on the five common myths that taxpayers often believe:

  1. All refunds get delayed.” FALSE! It is estimated that 90% of refunds will be processed by the IRS within 21 days.
  2. You can call the IRS to get your refund faster.” FALSE! Contacting the IRS won’t change the timing of your refund’s arrival.
  3.  “If you order a transcript, it will show when you are going to get your refund.” FALSE! Tax transcripts don’t show the refund date.
  4. If you check ‘Where’s My Refund’ on the IRS website, it’ll show a deposit date for your refund.” FALSE! If you claim the EITC or ACTC, the IRS likely won’t have a date of your refund until the fourth week of February.
  5. EITC and ACTC refunds will arrive on February 15th.” FALSE! These will likely arrive the fourth week of February.

For further information please visit the IRS website. For specific questions about filing your taxes, please contact your CPA.

About Corrigan Krause - Cleveland, Ohio

Corrigan Krause is a mid-size CPA firm located in Westlake, Ohio, specializing in servicing closely-held businesses since 1989.

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