WASHINGTON ― The nation’s tax season kicked off Monday with CPA’s statewide having back-to-back bookings with clients.
A few things have made this particular tax season different from seasons past: specifically how quickly your refund will hit your bank account.
A new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15th. However, because there is a lengthy process at hand and there are weekends and President’s day, the IRS has said it could take up until February 27th for that refund.
“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said. “People should make sure they have their year-end tax statements in hand, and we encourage people to file as they normally would, including those claiming the credits affected by the refund delay. Even with these significant changes, IRS employees and the entire tax community will be working hard to make this a smooth filing season for taxpayers.”
April 15th is known nationwide as the proverbial Income Tax Deadline, but this year the deadline falls a little later.
This year, April 15th falls on a Saturday, and Monday, April 17th is Emancipation Day in the District of Columbia, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
For more information on filing taxes, CLICK HERE.