Shiflett Tax and Bookkeeping

The 2017 tax season is here.  In efforts to keep you up to date, below is information regarding refund delays that are expected. It is important to remember that you can still have your tax return prepared and e-filed prior to February 15. 

IRS e-file to open January 23, 2017

The most current information from the IRS regarding filing delays, refunds, scams, etc.

From the IRS as of 12/19/16.....

What You Need to Know:

Expecting a refund? Some refunds must be held until February 15.

According to a new tax law change, the IRS cannot issue refunds before February 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.

This applies to the entire refund, even the portion not associated with these credits.

The IRS will begin to release EITC/ACTC refunds starting February 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27. Read more about refund timing for early EITC/ACTC filers.

What You Need to Do:

Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.

You don’t need to wait until February 15 to file your tax return. While the IRS must hold the refund until February 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.

File a complete and accurate return and include all known refundable credits with your original return.

Check Where’s My Refund on or the IRS mobile app, IRS2Go, after February 15 for your personalized refund status.