Detroit Free Press
Millions of people are frustrated that their 2020 federal income tax refunds are missing in action in the wake of what one tax official called the perfect storm.
And sadly, the angst could grow in July as many families receive the first payment of up to $300 a month for the advanced Child Tax Credit, while others are left on the sidelines wondering why they didn t get all the money they re expecting now.
Tax troubles in the 2021 season are bound to snowball as one problem rolls along and triggers another. At some point, things can improve but for many, the question is when?
Perfect storm brings tax refund delays, triggers some trouble ahead freep.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freep.com Daily Mail and Mail on Sunday newspapers.
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Extra tax refund money for some who lost jobs in 2020 isn t arriving soon enough for some taxpayers.
Many taxpayers who filed early could be owed a few thousand dollars now because the tax rules relating to a portion of 2020 jobless benefits changed dramatically when President Joe Biden signed the American Rescue Plan into law March 11.
It s quite a lucrative new, limited tax beak designed specifically to help those who lost jobs in the coronavirus-induced recession last year.
The Internal Revenue Service said May 14 that it was beginning to correct those tax returns that involved the new exclusion. The IRS also said then that it would begin issuing some refunds that week to eligible taxpayers.