Since the Internal Revenue Service (IRS) started accepting 2020 tax refunds over a record breaking 50 million people submitted their taxes within the first week of acceptance. Due to the breathtaking amount of people that submitted in what was resulted from the financial crisis that is being experienced to millions of Americans do to the COVID-19 pandemic. Tax refunds are generally issued to 90% of taxpayers without errors on their tax return. With the IRS at 75% working capacity due to years of budget cuts and regulations, the backlog from processing 2019 tax returns and and the record breaking 50 million filed tax return, the IRS has created a perfect storm as to why tax refunds are being delayed. With millions of Americans with a lower income due to the COVID19 pandemic, I went around my McKinney neighborhood to see how their refund can help them through this financial crisis. Jake Gunther, a 41 year old, single father of 3 has been on unemployment for the past 9 months due to his job laying him off says that this the tax refund would give him reassurance that his family would have a place to stay and food to eat at least until he can find a job. "Its been difficult being a single parent of 3, fortunately the Unemployment supplements have been helpful but not enough, we just have enough to get by and getting a tax refund back would be nice even if it's for a couple hundred dollars." He is on day 22 of waiting on his tax refund. I spoke to my friend who has had to move back into his parents due to losing his job from the pandemic. Marcus Wells, a 22 year old event coordinator for Chuck E. Cheese has been struggling financially due to his company laying him off. "They laid me me off because no one was coming in and had to move back in with my parents. 2020 wasn't a good year." He is expecting a smaller lumpsum due to his parents claiming him as a dependent. "I've only benefited from one thing year and that was getting back in touch with my parents."
https://www.marketwatch.com/story/irs-has-already-received-55-million-tax-returns-ahead-of-april-15-deadline-a-huge-increase-on-last-year-heres-why-11614177216
[1 image, 1 links, 2 quotation, 363 words].
Comments