Early tax filers are having to wait a little longer to receive their refunds from the IRS. Tax preparers like H&R Block received notice from the IRS that new technology implemented this year was taking up to 5 days longer to validate returns and send refunds via direct deposit.
An official statement from the IRS indicates the new system is requiring some fine tuning and some tax payers are receiving their refunds approximately one week later than the initial projections they may have received. Still, IRS officials say the refund delivery times, specifically for those receiving funds via direct deposit, are faster than refund delivery times in years past.
The IRS is apologizing for any inconvenience caused by the revised refund dates. The new system provides additional screening for potential fraud in tax returns. The official IRS guidelines say tax payers who electronically file and select direct deposit for the refunds could see their money in as few as 10 days and 90% of refunds are provided within 21 days. Officials say the time frames provided by the “Where’s my Refund?” tool on the IRS website are projections and are subject to revision.