Taxpayers Face Overloaded IRS As Filing Season Opens Monday

The video discusses the challenges faced by the IRS during the tax season, including labor shortages and increased call volumes due to the pandemic. It highlights the potential delays in processing tax returns and the importance of filing electronically for quicker refunds. The IRS is still dealing with a backlog from the previous year, and the child tax credit is a significant focus for many families. The video emphasizes the need for accurate filing and the required documentation to qualify for tax credits.

What is the expected refund time if you file electronically with correct information?

• 6 weeks

• 3 weeks

• 2 months

• 1 week

What is one of the main reasons for the IRS's high call volume this year?

• More taxpayers

• New tax laws

• Pandemic-related complexities

• Increased tax rates

What is the IRS's current approach to handling the backlog of returns?

• Hiring more staff

• Extending deadlines

• Working in a piecemeal manner

• Outsourcing to private firms

What must families do to qualify for the child tax credit?

• Call the IRS helpline

• Submit a special application

• File appropriately on their tax form

• Visit an IRS office

What document might families receive related to advanced credits?

• Schedule C

• W2 Form

• Form 1040

• Letter 6149