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New Federal Tax Law May Affect Some Refunds Filed in Early 2017

Categories Tax Tips (Fed)

The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS has plans for a wider communication effort this summer and fall to alert taxpayers about the changes that will affect some early filers.

The PATH Act mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before February 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.

The IRS will begin accepting and processing tax returns once the filing season begins (no change from prior years). The IRS still expects to issue most refunds in less than 21 days.

For more information, refer to this announcement.

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