It’s been a long time since we’ve heard anything from the Internal Revenue Service (IRS) about those much-coveted tax refunds for people who received unemployment compensation, but that day is finally here.
After Fast Company reported on a wave of mysterious direct deposits last week, the IRS confirmed Monday that it has sent out another 430,000 unemployment-related refunds, with checks averaging $1,189. The refunds are part of an ongoing Herculean effort by the agency to review and correct millions of tax returns that needed to be adjusted after the passage of the American Rescue Plan Act in March. The act excluded up to $10,200 in 2020 taxable unemployment income, meaning millions of taxpayers were due refunds.
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