The 2025 tax season has begun and with it comes the announcement of the date on which the Internal Revenue Service (IRS) will begin returning taxes and stimulus payments. Tax return processing will begin in January 2025, so the government is advising citizens to file their returns as soon as possible. In this way, they will prevent the refund procedure from being delayed too long.
Depending on how the return is filed, whether in person or electronically, the refund procedure may be faster or slower. For example, if filed online, taxpayers can receive their money within 21 days of the return being accepted.
The penalties for failing to comply with these rules when filing the tax return
With the tax campaign that began last week, it is expected that more than 140 million tax returns will be filed in the coming days before April 15, the deadline for filing. For this reason, the IRS has warned of possible fraudulent behavior when filing these returns and the consequences if any of these are detected: fines of up to USD 5,000.
The government agency has insisted on the importance of all tax returns submitted being completely truthful. If they identify any false information or information intended to delay or prevent the tax administration from collecting the corresponding taxes, that submission will be subject to Fine 6702 of the Internal Revenue Code.
The penalty will be $5,000 for each return (or copy thereof) that contains an irregularity. If there is a case of joint filing with false information, the fine will be applied to each spouse separately, so the amount could be as high as $10,000. To prevent this behavior, the IRS is sending letters to taxpayers who have been found to have incorrect information.
The refund of these taxes will be delayed a little longer
Citizens who have chosen the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) will have to wait a little longer. Specifically, the refund of these taxes will be made from February 15, 2025. This is due to the Protecting Americans from Tax Hikes (PATH) Act.
According to the IRS, it is estimated that these taxpayers will receive their money by February 27, 2025 if they have chosen to file electronically and selected direct deposit. However, those who opt for paper checks will see their payment delayed until March 2025.
Taxpayers who file their returns will be able to check the status of their refund in the section of the IRS website called “Where’s My Refund?” To access this section they will need: their Social Security or ITIN number, their marital status and the exact amount of the refund they have declared.
