Inflation Reduction Act Boosts Taxpayer Refunds IRS Issues Over $200 Billion Fast Returns
IRS Offers Refunds Faster While Paper Filers Wait Up to Four Weeks
According to Statesman, taxpayers may receive larger refunds this year with an average of $3,011 expected a $123 increase from last year. This is due to the Inflation Reduction Act which provided the IRS with additional funds for better service and tax collection. Despite the $80 billion increase a significant tax payment gap of $625 billion persisted in 2021.
By early April the IRS had already given out over $200 billion in refunds. If you e-filed your 2023 taxes, you might get your refund in just 24 hours. But if you e-filed for previous years it might take a few days and if you mailed a paper return expect to wait about four weeks.
IRS Distributes Over $200 Billion in Refunds Faster Than Ever Check Your’s Now!
The Inflation Reduction Act of 2022 was given by the IRS with $80 billion to increase tax collection but the tax difference still reached $625 billion in 2021. This year the IRS has distributed over $200 billion in refunds faster than before, but if you e-filed your 2023 taxes you might receive your refund in 24 hours while in previous years may take a few days paper filers should expect a four-week wait. You can check and track your refund status using the IRS.