ROCHESTER, Minn. - Money is headed back into some taxpayer's pockets after tax law changes delayed payment from Unemployment Insurance and the Payback Protection Program.
Starting on Monday the Minnesota Department of Revenue will begin sending out tax refunds after they were originally scheduled to be given out in July.
Political analyst Rayce Hardy says the revenue department has been working to update 2020 tax forms to reflect law changes made in July and to avoid future issues it took longer to finally process the payments.
Hardy explained, “Accuracy is incredibly important when it comes to taxes because the vast majority of us are not tax experts and tax law is a massive document year after year and
there are so many moving parts in there. So, for the vast majority of people, the accuracy is going to be better for them.”
According to the department the agency is manually processing around 1,000 individual income tax returns weekly to begin with hopes of increasing to 50,000 returns per week by late October.
“It took more than the ‘next few weeks’ but at least they're out here now and I'm just glad for the people that waited and waited that it's finally be addressed, that return,” said Hardy.
Hardy also says to beware of anyone asking for bank information over the phone or through email during this time.
He said, “This is an opportunity for criminals to go after people, vulnerable people, through scams so people need to be extremely diligent in noting that the IRS is not going to ask for their bank account. They're not going to call them up and say, ‘Give us your bank account, give us your credit card number.’ They're not going to send them an email and ask for that information so if they receive those things they should report them.”
The Department of Revenue says it issues nearly 3 million income and property tax refunds every year and with taxpayer dollars at stake the agency has to find a balance between speed and accuracy.