IRS delays issuing tax refunds; fiscal cliff to blame?

http://www.latimes.com/business/money/la-fi-mo-irs-delays-tax-refunds-fiscal-cliff-20130208,0,6901725.story

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Don’t worry if you haven’t received your expected IRS tax refund. Most people haven’t -- and the fiscal cliff is to blame.

The Internal Revenue Service is far behind its normal pace in processing federal tax returns and mailing billions of dollars in refunds, according to a new report.
Through Feb. 3, the agency sent out only about $4.3 billion in refunds, according to the analysis by Nicolas Colas, chief market strategist at ConvergEx Group in new York.
That’s far behind the $26.9 billion in refunds issued at this point in 2012. That’s a difference of $22.6 billion.
And 2012 itself was a slow year because the IRS was grappling with security issues, according to Colas. Going back to 2005, the IRS normally has mailed $30 billion to $40 billion in refunds by this point.

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