IRS works to finish processing 2021 cumulative returns this week



After the intense work accumulated during the last months, the Internal Revenue Service (IRS) announced that processing of a key group of individual tax returns filed during 2021 will be completed by the end of this week.

The agency started this year with a larger-than-usual inventory of paper tax returns and correspondence filed during 2021, due to issues related to the Covid pandemic and staff limitations. The IRS took a number of steps to resolve the situation, and the agency is on track to complete this week the processing of the originally filed Form 1040 (individual tax returns without errors) received in 2021.

The tax office noted that the business paper returns filed in 2021 will follow soon after and that it continues to work on the remaining 2021 individual tax returns that have processing issues or require additional information from the taxpayer.

Until June 10, the IRS had processed more than 4.5 million of the more than 4.7 million individual paper tax returns received in 2021. The IRS has also successfully processed the vast majority of tax returns filed this year: “More than 143 million total returns have been processed, and nearly 98 million refunds have been issued with a value of more than $298 billion. dollars,” the agency said in a statement.

IRS employees continue to work to process these and other filed tax returns in the order received. The IRS continues to receive current and prior year individual returnsas well as related correspondence, as people file extensions, amended returns, and a variety of business tax returns.

“IRS employees have been working tirelessly to process these tax returns as quickly as possible and help people waiting for refunds or resolution of an account problem,” said IRS Commissioner Chuck Rettig. “We remain focused on doing everything we can to expedite the processing of these tax returns.and we continue to add more people to this effort as our hiring efforts continue this summer.”

Rettig emphasized the need for a sustained increase in funding for the IRSso the agency can add more employees to process tax returns and answer phones, as well as help improve technology and ensure fair application of tax laws.

“Long-term and consistent funding for the agency is critical to ensuring the IRS is prepared for future tax seasons. It is also critical that the IRS is ready to answer the nation’s call during the next crisis.just as the agency did by delivering three rounds of historic stimulus payments and Child Tax Credit advance payments during the pandemic,” Rettig said.

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Source-eldiariony.com