The Internal Revenue Service announced 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.
Our office will be accepting tax returns before January 23rd and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.
The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15th. 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.
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15th date.
