The Internal Revenue Service announced plans to change how it processes tax returns in 2017 regarding the Earned Income Tax Credit and the Additional Child Tax Credit. Due to the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) enacted on December 18, 2015, taxpayers who claim the EITC or ACTC on their tax returns must wait until February 15 to receive their credit or refund. The IRS may not release a partial refund. This change, effective January 1, 2017, is meant to combat loss of revenue due to identity theft and refund fraud. For more information, click here.
New Federal Tax Law May Delay Some Tax Refunds in 2017
On behalf of Law Office of Williams & Associates, P.C. | Jun 13, 2016 | New Laws