Get Your Business Tax Refund Faster with Expert Help

Jazmin Cicotti
Dec 16, 2023
7 min read
Jazmin Cicotti
Certified EA
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As a business owner, you might dread tax time. The only thing that makes filing your taxes a little less stressful is getting a business tax refund. The IRS claims to issue 90% of refunds within 2-6 weeks of return filings (6-12+ weeks if delayed.). However, this isn’t always the case for business owners.

There are numerous factors that can delay your business tax refunds, from missing information to mailing paper returns. Working with a tax expert can help you avoid unforeseen delays, giving you access to your hard-earned money sooner.

Here are a few of the reasons why expert help is indispensable when it comes to getting your business tax refunds faster.

E-File Opportunities

Business owners have two options when filing their tax returns: mailing paper copies or filing electronically. Over 81% of returns are filed electronically using various software programs. Paper filings can result in refund timeframes of between six and eight weeks. This is significantly longer compared to the three-week turnaround time of electronic filings.

If you’re like the other 19% haven’t converted to electronic filing, it can be a daunting task. This is why it’s beneficial to partner with a tax expert. Business tax returns require historical information to calculate the prior year’s balance sheet, carryover information, and credits. Missing just one number can throw your entire return off and result in a lower refund.

Working with a tax expert allows you to e-file tax returns without worrying about entering the prior year’s information or making sure all the right boxes are checked. This gives you access to expedited business tax returns without the hassle.

Not to mention that e-filing your returns gives you more flexibility. If you struggle to get your business’s books in order, e-filing is a great option for last-minute filings. Most accounting software can submit e-files on the due date. Although you should prioritize filing sooner, e-filing can be a viable option for last-minute submittals.

E-filing also allows you to receive almost instantaneous reports on rejections. Maybe you gave your expert an incorrect number or forgot to tell your preparer about a last-minute change. The software tax preparers use has the capability to tell you when returns are accepted or rejected, allowing you to quickly fix any mistakes.

Reduced Risk of Fraud

Tax return fraud has been increasing in recent years, especially with technological advancements expanding. This puts your business at a heightened risk for fraudulent returns claimed using your business’s federal identification number. Working out a business tax return fraud case can take anywhere from three months to a full year, depending on the complexity of your case.

Not to mention additional time is tacked on to file your return. Can you wait over a year for your tax refund? Delayed refund times probably aren’t ideal if you are depending on the extra cash flow to support your operations or grow your business. Thwarting business tax refund fraud can be done with expert help.

Instead of using sketchy filing websites or hoping your paper return makes it to the IRS, you want to partner with an expert who has reliable and secure software to process your refunds. Most expert tax software has built-in fraud detection capabilities and added safeguards.

For example, return software, like CCH Pro, requires business returns to be transmitted with a special code specific to the business. The IRS has this code on file, automatically checking the authenticity of your return. This extra level of security is indispensable when it comes to processing returns and issuing refunds swiftly.

Correct and Complete Filings

One of the most common causes of refund delays is incorrect and incomplete information being furnished to the IRS. The IRS has proprietary software, with dozens of automatic return checks. Just one “flag” could halt your entire return, leaving you waiting for an IRS letter explaining the next steps.

Once a return is flagged, the IRS takes up to 30 days to review the issues before sending a formal notice, which can take weeks to arrive at your business. Even if you do correct your return right away, you might not be able to e-file it, further delaying the process. Amended tax returns are also subject to more IRS scrutiny, which can result in additional time needed to process your return.

Sounds like a nightmare, doesn’t it? Not if you work with a tax expert. Tax experts have years of education and experience preparing business tax returns, ensuring the highest level of accuracy. Odds are you didn’t go to school and study tax law for four years. Accountants can pinpoint hidden mistakes and attach all proper documentation to your return with the first filing.

The IRS is constantly changing the reporting requirements for business owners, especially if exclusive credits and deductions are claimed. Section 179, Bonus Depreciation, the Research and Development Credit, and Capital Gain items all require additional documentation attached to your business tax return.

Forgetting just one of these items can delay your refund process. Getting your business tax refund faster relies on submitting accurate and complete returns the first time around, which an expert can help you with.

Timely Filings

The general deadline for business tax returns is March 15th of every year, with C Corporations having until April 15th. However, this isn’t the last possible date you have to file your return. In fact, the IRS allows business owners to take a six-month extension, resulting in a September 15th due date.

If you’re like most business owners, procrastination on your bookkeeping and tax return preparation is common each year. You might decide to extend your return and deal with it later in the year, but what impact does this have on your refund?

Submitting your return six months later results in your potential refund being delayed by six months. Filing on time is the quickest way to receive your refund. If you’re bogged down with other items, such as issuing 1099s and W-2s or just caught up in the day-to-day hustle, reach out to an expert for assistance.

Most tax preparers can not only help you file your returns but can also get you caught up on delinquent bookkeeping. This allows you to meet the March 15th deadline without needing to extend your return, speeding up your tax refund.

Direct Deposit Capabilities

With business fraud on the rise, you might be hesitant to put your direct deposit information on your tax return. Paper checks can take anywhere from four to six weeks to arrive in the mail. In addition, there’s always the possibility of the check being lost in the mail or intercepted by an unauthorized party.

This makes direct deposit the most efficient option for expediting your business tax refund. An expert can double check that the bank account information is entered correctly on your return, significantly reducing the risk of your refund going to the wrong account. The IRS actually recommends direct deposit for business tax refunds because of the simplicity and turnaround time.

Furthermore, in-house return preparation by an expert safeguards your banking information from third-party attacks with numerous internal controls and software security features. Accounting software used by professionals often has security measures beyond what general filing websites implement.

Access to Priority Phone Lines

One of the main benefits of using expert help for your tax refunds is access to priority phone lines. Tax return preparers are assigned a Personal Tax Identification Number (PTIN), which allows them to file returns with the IRS on your behalf. This number also opens the door to priority customer service when tracking down refunds.

IRS wait times for general calls can be hours, with no guarantee that the IRS agent will be able to help you. Working with an expert that can use the priority phone lines can give you answers in minutes on the status of your return. Knowing when you can expect to receive your deposit is helpful to plan cash flow.

If there is a problem with your return, the IRS agent will be able to explain the issue to your return preparer. Waiting for a letter to arrive can take months, giving you a head start on furnishing additional information immediately. Remember that in order to discuss your business tax return on your behalf, the expert will need a signed Power of Attorney form. This is a simple process, generally only requiring you to sign one document.

Finding the Right Expert

Does it sound like you can benefit from using an expert on your next business tax refund? If so, it’s important that you work with the right preparer. Our team at BUSINESS can provide you with access to all of these expedited refund opportunities.

In addition, our team is constantly looking for ways to increase your refund through creative strategies tailored to your business. Ready to get started? Reach out to one of our team members today to schedule your free consultation.

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