Due to a recent rise in theft in tax rebate, we are sorry to say your payment will be delayed: Your tax rebate money will come!
Last year, there was an unprecedented spike in attempts to steal repayments of tax rebate. It reached nearly $21 billion and the IRS (Internal Revenue Service) had little power to stop these transactions. With this in mind, there have been more security checks which means it’ll take longer for you to get your tax return this year. This year your tax refund will take longer to come through. Why? And what changes are to be expected? What can you expect as a result of the stricter regulations? We have a quick look.
More questions and qualifiers
One thing you will see more often on the IRS website are more qualifying questions to verify your identity. You will get more email notifications if you change your email address or home address. You may also get a warning when logging into a new computer or tablet to access your account.
You’ll also see more questions asked about what your whereabouts was ten years ago or what your favorite food is or your childhood nickname is.
You will be prompted to changed your password to make it stronger. It will need to have a lowercase, uppercase letter, number and symbol and a minimum of 8 characters. After a certain number of attempts, the system will bar you from logging in.
Less specific timeline for a refund
IRS are being less specific about when they can deposit your bank account with the tax return. It used to be obligatory to have tax refunds done as soon as the claim was filed but due to the recent fraud attempt, it will take longer. This could be anything between 7-56 days, so you may not see your tax return until a few months after you filed it into your IRS account.
Due to the recent fraudulent activity attempted, you will see more paper checks of your tax return rather than a direct debit deposit. Last year, fraudsters tried to change payment methods to a direct deposit to a prepaid debit card in order to get the tax refund into their account rather than an official account. Therefore, some states only now do direct debit payments to an account from an approved financial institution. More details in this post: http://www.agfcu.org/now-time-think-next-tax-return/
You will get your tax refund but it’ll take longer. You will see more security checks like password changes and verification questions. You’ll also see a longer waiting timeline for your refund to come through, so you could be waiting anything between a week, a month or even a few months before you see that tax return money. Finally, you might see it in a paper check and not a direct deposit depending on the state you live in, due to the recent measures your state may have imposed when depositing tax return money into an account. Therefore make sure your account is from an official financial institution.