As everyone knows the filing deadline for 2020 tax returns and any balance due is the 17th of May. This is also true for North Carolina and Virginia. For those taxpayers and business quarterly estimated payments have not been extended and must be paid on time every quarter with out incurring a quarterly penalty calculated when the tax return is filed.
Time frame for refunds from returns filed after February 1st. IRS is checking and recalculating the Recovery Rebate credit for every return. This is the form used to provide how much stimulus money you received for payments starting in March 2020 and again in January 2021. IRS stated that it can take up to 8 weeks for this to happen. If you had not received the first or second stimulus; you reported this on your return; IRS has the ability to correct this return to match there records. If this happens you will get a letter stating the reason the refund/balance due has been changed.
As with any changes IRS does to your return, you will get a letter stating the corrections, you have the ability to challenge this letter.