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2017 - Tax Season - Delayed Refunds

  • Jan 17, 2017
  • 1 min read

WASHINGTON ―The IRS expects to issue more than nine out of 10 refunds in less than 21 days. However, the Protecting Americans from Tax Hikes (PATH) Act mandates the IRS hold refunds on tax returns claiming the EITC or the Additional Child Tax Credit (ACTC) until mid-February.

The change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent tax fraud.The IRS will begin releasing EITC and ACTC refunds starting Feb. 15, but cautions taxpayers that these refunds likely will not start arriving in bank accounts or on debit cards until the week of Feb. 27.

The IRS wants taxpayers to know it will take additional time for their refunds to be processed and for financial institutions to accept and deposit the refunds to bank accounts. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.Where's My Refund? ‎on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund? ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund.


 
 
 

Comments

Choose INMAN tax services: 

 

Fraud from Tax Preparers is a huge issue these days. The fraud is involuntary as well as voluntary.

 

With the involuntary fraud comes preparers taking advantage of the client's lack of knowledge of understanding the forms.  As a result, children are added, companies are manufactured with expenses and credits are forced that the client is not eligible to receive.

 

In the end, the client is held responsible when an audit is performed, because they signed the income tax forms, saying they understood and accepted what was submitted. I've seen this cause devestation to people's lives.

 

The other fraud that is voluntary is often quite easy due to peoples concern of having more cash rather than filing your return correctly. As a result, preparer adds on false deductions and manipulate the Earned Income Credit.

 

 It's not worth the price you pay when the IRS contacts you for a review of what was submitted. This will lead to return of refund overage, penaltites, interest and fees.

 

Let Inman Tax Services file your taxes correctly. We provide accountability, support and guidance.

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