IRS To Hold Refunds
In a effort to reduce tax fraud, the Internal Revenue Service (IRS) is required to hold refunds until February 15, 2017 for those claiming Earned Income Tax Credit or Additional Child Tax Credit. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 even if there are no processing issues with the tax return and the taxpayer chose direct deposit.
Even though there is a delay in these refunds, you should not wait to have your returns prepared and electronically filed as timing of the refunds will be based on filing dates with first to file, first to receive their refund.
Schedule your appointment at your nearest Fiscal Tax office today. Walk-ins are always welcome and served between appointments.