Taxes
‘Disappointing Tax Season’ Points To Smaller, Later Refunds
- IRS predicts backlogs processing returns, long waits on phone
- Child tax credits, new businesses mean more complicated forms
The IRS has launched the start of tax season which runs to April 18 for most taxpayers.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
In what even the U.S. Treasury says will be a frustrating tax season, families claiming the child tax credit and newly self-employed Americans are among filers likely to see the biggest challenges this year.
The season starts Monday, and while Internal Revenue Service teams have been working “non-stop” for several months, years of funding and personnel cutbacks, along with a backlog of several million tax returns from previous years, will hamper the agency’s abilities to respond as swiftly as in the past.