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Getting Answers: Delayed Tax Refunds
It's taken nearly two months, but today the New York State department of Taxation and Finance finally answered some of CBS 6's questions about significant delays in the processing of tax returns. Specifically, issuing refunds.
Here's the information Jerry Gretzinger received from Tax and Finance spokesperson, Geoff Gloak.
NYS Tax Department Announces Nearly 6 Million Refunds Issued More than 96% of refunds issued The New York State Department of Taxation and Finance today issued an update on refunds for the 2012 income tax season. Thus far, 5.95 million refunds have been issued this year representing $5.3 billion – a dollar-for-dollar increase of 3% over last year at this time. Overall, more than 96 percent of all refunds have been issued, and the remaining refunds are being delivered daily. By law, interest is paid on refunds that are issued after May 30 for timely-filed returns. Interest is paid only on that part of the refund resulting from over-withholding. As a result of a new contractor for processing income tax returns, refunds for some taxpayers who submitted paper returns have been delayed. To prioritize delivery of refunds, the Tax Department is assisting the vendor to both speed processing and provide quality assurance. Recovery of the Department’s costs associated with this effort - including staff overtime and interest payments - is provided for in the contract, and will not come at additional taxpayer expense. Refunds will be issued for outstanding returns by early August. E-filing Increases This year, nearly 90% of taxpayers filed their returns electronically – up from 87% last year and only 58% just five years ago. E-filing is the safest and fastest way to file a return and receive a refund, and it saves taxpayer dollars. Since 2008, New Yorkers have saved more than $250 million in processing costs as a result of e-filing. For more information Taxpayers can check the status of their refunds at www.tax.ny.gov or call 518-457-5181 to talk with a Department representative.