2017 Filing Season Begins Jan. 23!

19 Jan 2017 Filing Season Begins Jan. 23!

The IRS will begin accepting tax returns on Monday Jan. 23, but with a catch….

Beginning this year, a change to the PATH Act requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15.  The IRS must hold the ENTIRE refund, not just the the portion associated with these 2 tax credits.

Direct from the IRS’ website:

Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.

The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.

Have questions?  At Who’s Your Tax Man?  We are open year round for your convenience.  Give us a call to schedule an appointment or just say hi!

You can read more about it at https://www.irs.gov/uac/2017-tax-filing-season-begins-jan-23-for-nations-taxpayers-with-tax-returns-due-april-18.

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