Your tax refund will be a bit tardy this year. The IRS won't even be accepting your tax return until February 12th. Houston CPA Bob Fumagalli says, "They are backlogged on opening up their own mail. I have clients who are still waiting on checks the agency hasn't cashed yet. The IRS is in an even bigger mess that they usually are." Fumagalli continues, "The IRS --- a lot of them are working remotely so you have that disconnect. They are trying to get out stimulus checks and trying to get them out as quickly as they can, so you're dealing with that issue.
Fumagalli says this will impact our economy. "As soon as people receive this money, it goes right back into the economy. It will have at least a short term effect on the Houston are economy. People will still get their refunds and they will go out and spend them. But - they're just going to do it later this year. He says this will impact the Houston economy. Many Houstonians wait for their refunds each year to make needed purchases.
Fumagalli says the refunds will come, people will buy, but it will be a lot later in the year.