Tax Refund Reduced Because of Stimulus Payments | CPA Explains Why

This is a tax refund update covering an IRS letter 6470 or CP11, which adjusted your IRS tax refund. Have you finally received your tax refund only to discover your tax refund was less than expected? I know it’s frustrating, but I’ve got some answers for you.

During the IRS manual processing of millions of tax returns, they discovered frequent errors on the Recovery Rebate Credit calculation. If this applies to you, then keep on watching. Later on, I’ll guide you on what you can do next, that is if you received a letter from the IRS that adjusted your refund lower due to the reported stimulus payments, ie. Recovery Rebate Credit.

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Do you have questions about Tax Refund Reduced Because of Stimulus Payments | CPA Explains Why? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

 

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