The IRS test batch is often discussed as to when they will accept the first tax returns. They accept some tax returns earlier than the announced opening date. The IRS regularly conducts testing of its systems and software to ensure that they function correctly and meet security and compliance standards. IRS procedures, technologies, and terminology … Read more
The PATH Act will delay your tax refund until after February 15th if you claimed the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC) on your tax return. The PATH Act lifts on February 16th each year. It does not apply to people who only claimed the Child Tax Credit (CTC) … Read more
If you claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) you will have values on Form 1040 Lines 18a and/or 18b. If you claimed these credits, your refund is subject the the PATH Act.
Millions of taxpayers who expect a tax refund can also expect tax refund delays. Although the IRS claims they issue 9 out of 10 refunds within 21 days, that still leaves a lot of people who do not get their refund in 21 days. According to the IRS, they expect to process nearly 155 million … Read more
As 2017 creeps to the end, some people are coming into a scary reality – their cash flow is ghastly and the 2018 tax season is nearly three months away. The candy tax you charge your kids on Halloween might yield Twix and Snickers. But it doesn’t curb your craving for something better, a tax … Read more
Most people already know about tax refund delays when you claim the Earned Income Tax Credit or Additional Child Tax Credit. This isn’t because the IRS just feels like holding your money for fun. The IRS introduced us to this back at the end of 2015 but some are just finding out about it now. … Read more
Just kidding, that’s really not the name of the new law which took affect in 2017. But what is this new law anyway? It’s called the PATH Act. The “Protecting Americans from Tax Hikes (PATH) Act of 2015” is part of the Consolidated Appropriations Act of 2016 enacted on December 18, 2015. It has hundreds of provisions … Read more
EITC and ACTC Tax Refunds Delayed Ready and waiting for that tax refund? Of course you are! Don’t get excited yet. Some tax refunds can be delayed when you file early in the year if you claim certain tax credits. Unfortunately, some taxpayers are going to have to wait a little while longer for their … Read more
American Taxpayer Relief Act was enacted finally at the close of 2012 saving millions of taxpayers from waiting to file tax returns. This legislation provided updated AMT income exemptions for 2012 and also addressed indexed amounts for the future and inflation. The amounts will now be automatically raised with inflation and passing new legislation each … Read more