3/6/2023 0 Comments Refund statusSynergi Partners is monitoring the IRS’s progress on processing credits closely and we will update when new developments become available. While not all of these returns involve a COVID Employee Retention Credit, the inventory is being worked at two sites (Cincinnati and Ogden) that have trained staff to work possible COVID credits. Tax returns are being processed in the order they were received, and the IRS is working hard to get through the backlog.Īs of May 7, 2021, IRS’s inventory of unprocessed Forms 941-X was approximately 100,000 which cannot be processed until the related 941s are processed. ![]() They are also taking other actions to minimize any delay in processing returns and refunds. The IRS is rerouting tax returns and taxpayer correspondence from locations that are behind to locations where more staff is available. Including current year returns, as of May 6, 2021, they had 1.9 million unprocessed 941s in the pipeline. As of May 6, 2021, the IRS had about 200,000 941 Forms received prior to 2021 in the processing pipeline. This has caused many businesses that filed for the ERC to experience a longer than anticipated tax refund.įortunately, the IRS states they are now opening mail within normal timeframes and have also made significant progress in processing 941 Forms. These delays have impacted the IRS processing mail, tax returns, payments, refunds, and correspondence. Like many businesses in the United States, the IRS has also been impacted by COVID-19 which has caused delays in their services. Specifically, they addressed the status of processing Form 941, Employer’s Quarterly Federal Tax Return and Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund. (Florence, SC – May 28, 2021) Recently, the IRS provided an update for returns and refunds that directly impact employers that have filed for the CARES Act Employee Retention Credit (ERC). If we need you to submit this information, you will receive an email from Flywire that provides a link to where you can upload these details.Status Update of Processing Form 941, Employer’s Quarterly Federal Tax Return and Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund Afterwards, you'll receive updates on when Flywire has received your funds and when we have sent the funds back to you.įurther information or documentation may be needed to ensure that your refund will be processed securely back to the originating account. Please note that we are not able to update the status of your refund until we have received the funds from your institution. ![]() ![]() Once you've gotten to the "My Payments" page in your account, select the “VIEW REFUND” button located under the payment ID related to your refund. Note: This is only for Flywire account holders. To add it to your account, simply find the tracking link for the payment and select "Add Payment" on the right hand side. If you have a Flywire account, but your payment is not linked, that means you made your payment as a guest. ![]() If your payment is linked to a Flywire account, you can track your refund by logging into your account and selecting the payment from the "Your Payments" section. Flywire will keep you updated by email on the status of your refund from the moment we receive the funds from your institution until we have sent it back to the originating account.
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