IRS Issues First Batch Of Tax Refunds For 2022 Tax Season

We have great news to share today about tax refunds for 2022! The Internal Revenue Service recently announced that the IRS has issued more than 4 million tax refunds for the 2022 tax season as of February 4. Average refunds were $2,201. There was a total of 16,685,000 tax returns received, 12,992,000 returns were processed. The IRS expects to get 160 million individual returns this filing season for the 2021 tax year. For most taxpayers, the due date to file and pay is Monday, April 18, 2022, not the typical April 15 because that’s Emancipation Day. Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file. There is no intention to extend the April 18 deadline as was done in the past two pandemic years. The IRS has faced enormous challenges due to the pandemic from processing centers being closed and new congressional mandates including delivering stimulus payments and advanced child tax credit payments. Still, the vast majority of taxpayers—those who file electronically (with no errors) and choose direct deposit—should get their refunds in a timely manner. Taxpayers claiming the Earned Income Tax Credit and/or Additional Child Tax Credit should expect to see refunds this month. If you need any help or have any additional questions, please reach out to us at 832 295 3353 or watch our YouTube videos. We are here to help you!