(This is a live article that is updated regularly) As the Coronavirus spreads globally and roils governments and countries we are already seeing major hits to the real economy that will takes US into a recession in 2020. While stock markets are falling rapidly (don’t panic and sell!), people should start expecting governments to focus on battling this deadly virus. In fact the Congress and the White House have already passed a massive stimulus package, unemployment insurance extensions/boosts and additional stimulus payments.
However because of these new Coronavirus relief programs it is also likely major government agencies, like the IRS, will shift focus and resources to execute on these programs to battle the fallout from the spread of the virus. This may mean slower processing times for tax returns and tax refunds for those entitled to one. No official word on this from the IRS , but would surprise me if there was no impact.
The IRS has announced, under the national emergency provision, that they will postpone the April 15 tax-payment deadline for millions of individuals, giving Americans an additional 90 days to pay their 2019 income-tax bills in an unprecedented move intended to ease the economic pain inflicted by the coronavirus. The delay is available to people who owe $1 million or less. This push may also affect 2019 tax refund payments.
The latest data from the IRS shows almost 60 million tax returns have been filed with refunds averaging $3,064. A Treasury Department spokesperson has said that there are currently no delays at this point, but is a fluid situation.
Note – the IRS has temporarily closed all Taxpayer Assistance Centers and discontinued face-to-face service throughout the country until further notice. The IRS is continuing to process tax returns, issue refunds and help taxpayers to the greatest extentSource : IRS
Leave a comment with your thoughts on this topic if you are seeing delays in getting your refund.