JUST TAXES BY MYRON

From the desk of : Myron Miller

The IRS has updated its guidance for tax preparers on income tax refunds for 2017, including information on potential delays. Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community, provides the latest refund information and guidelines to advise clients who expect refunds, including information about a new law that requires the IRS t

o hold refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS will begin to release EITC/ACTC refunds starting Feb. 15; these refunds likely will not reach taxpayers until the week of Feb. 27.

“The IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 – if there are no processing issues and the taxpayer chose direct deposit,” the info sheet added. “Urge taxpayers not to count on getting the refund by a certain date to make major purchases or pay bills. Even though the IRS issues most refunds in less than 21 days, it’s possible their tax return may require additional review and take longer.”

The agency has especially warned filers for the above credits of possible delays in issuing refunds this season.