Special Report From Harrio's Fast Tax
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Getting Ready For Tax Season 2017
These are some informational statements released from the IRS and
other IRS reporting agencies.
Please read and review.
If you have more questions you can always call me direct.
My information is included at the bottom of this page.
The Internal Revenue Service announced today that the nation’s tax
season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds.
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The IRS reminds taxpayers that a new law requires the IRS to hold
refunds claiming: The Earned Income Tax Credit (EITC) The Additional Child Tax Credit (ACTC)
Until Feb. 15. In addition, the IRS wants taxpayers to be aware it
will take several days for these refunds to be released and processed
through financial institutions. Factoring in weekends and the President’s
Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.
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“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.”
------------------------------------------------------- The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option. Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return.
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After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.
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Where's My Refund? on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund? or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains
the best way to check the status of a refund.
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Tax Refund Offsets Pay Unpaid Debts