Most taxpayers who are owed federal tax refunds can expect to receive them within a few weeks of filing their returns. However, the timeline may be longer if you or your business expects more than $2 million ($5 million for C corporations). That’s because some large refunds and large claimed credits are required to be reviewed by the nonpartisan Joint Committee on Taxation (JCT). The IRS prepares a report that includes a history of the taxpayer, a case description and supporting documents. The JCT then decides whether it agrees, disagrees or needs more details about the taxpayer’s claim. If your return becomes a “refund case,” be prepared to respond to IRS requests. Contact us for help.
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