Jack from Ohio Posted February 1, 2017 Report Share Posted February 1, 2017 I read that the IRS has extended the delay for refunds of CTC, ACTC, EITC & AOTC until the end of February. I cannot find that notice now. Has anyone else seen this information? Or am I losing it already...? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 1, 2017 Report Share Posted February 1, 2017 IRS site still says it will begin releasing on 2/15, but it seems the extent of scrutiny depends on the content of the return and credits claimed. The quote below is taken from the IRS site and says right there that some of those early filers still may not have their refunds until the end of Feb. Quote Refund Delays A law change now requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. Under this change required by the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC. Even though the IRS will begin releasing EITC and ACTC refunds on Feb. 15, many early filers will still not have actual access to their refunds until the week of Feb. 27. The additional delay is due to several factors, including weekends, the Presidents Day holiday and the time banks often need to process direct deposits. This law change gives the IRS more time to detect and prevent fraud. Beyond the EITC and ACTC refunds and the additional security safeguards, the IRS anticipates issuing more than nine out of 10 refunds in less than 21 days. However, it’s possible a particular return may require additional review and take longer. Taxpayers are reminded that state tax agencies have their own refund processing timeframes that vary, and some states may make additional reviews to ensure their refunds are being issued properly. Even so, taxpayers should file as usual, and tax return preparers should submit returns as they normally do. Taken from this IRS page: https://www.irs.gov/uac/newsroom/2017-tax-filing-season-opens-today 1 Quote Link to comment Share on other sites More sharing options...
grandmabee Posted February 1, 2017 Report Share Posted February 1, 2017 I saw it in the Kiplinger tax letter, said refunds extra 2 weeks for direct deposit and longer for paper checks to be issued 2 Quote Link to comment Share on other sites More sharing options...
grandmabee Posted February 1, 2017 Report Share Posted February 1, 2017 also on the IRS newswire that they email out. 27th first day should show up in bank accounts. 2 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 1, 2017 Report Share Posted February 1, 2017 ^ Grandmabee is correct and has perfect timing. That email from IRS newswire just showed up in my email 4 minutes ago. If anyone didn't get it or doesn't subscribe, it is IR 2017-16. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 1, 2017 Report Share Posted February 1, 2017 I have advised my clients that are affected by this that just because the refund may be released on Feb 15th, it could take until the end of the month to actually get the refund in their bank. No one has given me any problems with this. They don't like it, but it is what it is. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted February 2, 2017 Report Share Posted February 2, 2017 Same here. I though I would lose some clients because of this but so far it does not seem to be the case. I am right about where I was last year at this time. I actually feel that some have procrastinated because of the news and think why bother filing early. I guess only time will tell, but I have a horrific day schedule for tomorrow! 2 Quote Link to comment Share on other sites More sharing options...
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