Alright, everybody, I’m Logan Allec, I’m a CPA, happy Monday, I just want to give a
quick update to those of you waiting for your tax refunds attributable to the tax law change
that made the first ten thousand two hundred dollars of unemployment compensation received
in 2020 non-taxable for those making less than one hundred and fifty thousand dollars
per year. I’ve been following this obviously, and what we’ve heard from the IRS is that
these refunds would start in May and last into the summer. IRS posted an update on May
14 that said that the IRS would begin issuing refunds that week, kind of weird because May
14 was a Friday, usually when you say something’s going to happen “this week” you say that
at the beginning of the week, anyway most people, myself included were waiting to hear
news of people starting to receive these refunds the week of May 17, last week, and it’s
been crickets. I tweeted yesterday, “Has anybody actually received a refund from the
IRS for this? IRS said on May 14 that refunds would start going out ‘this week’ and
it’s been radio silence.” Nobody who responded said they got theirs. I have not found any
evidence online, I’ve looked through Facebook groups, I’ve looked on Reddit, I have not
found any evidence online of people actually receiving this refund last week. I saw some
people get a refund from their state for states that followed suit with the federal treatment
here, but I did not see anyone saying they’ve gotten their refund from the IRS for this.
If you are still waiting for your refund for the change to the ten thousand two hundred
dollars of unemployment income, let me know in the comments. Also, if you have received
your refund for this amount already, please let me know in the comments as well because
I have not seen any evidence anywhere of anyone receiving this thus far. This is obviously
very angering and concerning. I was checking news today for any kind of update from the
IRS, and a site called Fast Company published a blog post this morning stating that a spokesperson
for the IRS told Fast Company that distribution of the payments began last week and that “some
taxpayers have received the refunds” but the spokesperson had no immediate details
on how many checks have gone out but reiterated that payments would be made throughout the
summer. This is fishy to me. Not Fast Company, I don’t think they made that up. I think
what the IRS spokesperson said is fishy because God knows whenever the IRS finally gets their
act together and makes payments to people, they trumpet it, they put it on blast, literally
every week for stimulus checks they give an update, oh this week we sent another million
stimulus checks with a value of one point five billion and this many were direct deposit
and this many were paper checks, IRS didn’t do that last week. All we have is this anonymous
“spokesperson” claiming that some folks got their refunds for this last week. Well,
if that’s the case, I think it’s like two people or they’re just lying. So let
me know your situation in the comments. One more thing that I saw people concerned about
over on Twitter pertaining to this whole situation is that apparently people’s refund amounts
in TurboTax are reverting back to their old refund amount before the adjustment was made
for the ten thousand two hundred. So people are freaking out. Good news is that at this
point it doesn’t matter what’s in TurboTax, unless you amended your return or superseded
it, it’s not like what’s in TurboTax went to the IRS after you originally filed your
return. So I don’t see that as something getting in the way of this for the IRS. I
hope TurboTax changes it back to the adjusted version so your tax records can match for
the adjustment, but I don’t see any relationship between what happened in TurboTax with people’s
refunds reverting back to the old refund amounts as having anything to do with the IRS’s
sluggishness here. So what’s my point? It is that if you are one of the millions of
Americans waiting for your refund for the unemployment compensation change, then you
are not alone, it appears to me that everybody else is waiting as well, there is obviously
a lot of buzz and frustration about this right now, this is definitely something top of mind
for me and I’m constantly checking the IRS website and IRS twitter and Reddit to see,
hey, has anybody gotten theirs, and of course I will let you know if I hear anything on
that front. That is all I have for you right now, thank you so much for watching, and I
will see you in the next video, buh-bye.