Saturday, June 11, 2016
New Federal Tax Law May Affect Some Refunds Filed in Early 2017
Effective in 2017, a new law requires the IRS to hold all Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds until Feb. 15. This is likely to affect some returns submitted early in the tax filing season. The IRS encourages tax professionals to begin preparing for this change now. Planning is underway for a wider communication effort this summer and fall to alert taxpayers.