SMOOTH SAILING FOR THE 2017 TAX YEAR OR SO WE HOPE….Earned Income Tax Credit and Additional Child Tax Credit Changes.
November 28, 2016
As tax Season is rapidly approaching, it is important to remain informed.
The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season.
To comply with the law, the IRS will hold the refunds on EITC and ACTC-related returns until Feb. 15.
This allows additional time to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC.