Do they get interest? How about each individual state IRS? Do they make interest?
Thanks ppl!
2007-04-04 11:36:53 · 3 answers · asked by shania3949 6 in Business & Finance ➔ Taxes ➔ United States
The IRS is working as fast as it can to go through all of the tax returns.
If you're owed a refund, file in early February. You'll get the money in March or April.
2007-04-05 10:45:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Taxes are due when the income is earned. They'd just as soon not hold onto your money any longer than necessary. If you file your return quickly, you'll get any excess back. And if you figure your withholding properly they won't be holding much of your money at all.
The don't pay interest on the excess withheld. That's your incentive to have the proper amount withheld, nor more and no less.
2007-04-04 18:52:01 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
States may have cash flow issue to deal with so they need the cash coming in to pay the refunds going out. (just a guess). However with the Federal, the IRS has to verify the tax return for accuracy and that their are no liens against it such as student loans or child support. They have to process an amazing large number of returns for the staff they have and I am pleased that they can get E-filed refunds back as fast as they do. In the old days it told three months or More sometimes.
2007-04-04 18:43:21 · answer #3 · answered by hdsok 2 · 0⤊ 2⤋