EIC and Bank Products
I have two clients with EIC, they have requested bank products. They should have had their refund by now. Is the IRS holding up EIC refunds? Is anyone else having this problem?
1
525
dkOZW4fzOr36jyacfA8pyY
SandyC4016
Questions asked: 8
Questions answered: 9
Points earned: 17
Questions answered: 9
Points earned: 17
ProAdvisor
Members of the QuickBooks ProAdvisor Program
02/09/10 8:49am PST
Viewed by asker 03/04/10 6:05pm PST
Viewed by asker 03/04/10 6:05pm PST
This post is closed to new replies
2 Replies
02/09/10 9:18am PST
Sounds like an EIC review to me.
The IRS looks at a certain percentage ( my understanding is about 4% ) of these returns every year, in an attempt to catch some frauder's. HoH with EIC seems to be a high risk of Fraud and Errors.
Most get their refund with a little delay while others may receive a letter asking for additional information, like proof of dependent, residency, etc. If they get a letter and respond with haste they will get their refund in a timely matter, in about 30 days. Some may even get a partial refund upfront and receive the balance after review. The IRS does a larger number of these every year.
I seem to get 3 or 4 of these every year, out of over 1000 returns, not bad odds. I warn all clients there is always a chance of a review and not to count on their refund until it's in their hand.
Life is a Cabernet
IRMN
Questions asked: 41
Questions answered: 14623
Points earned: 46401
Questions answered: 14623
Points earned: 46401
Accountant Community AllStar
Advisory council of Accountant community power users.
02/09/10 9:53am PST
Latest post
The solution
Wile's special this week - get a free anvil with every return prepared.
