This may affect some of you if you claim Earned Income Tax Credit or Additional Child Tax Credit

This may affect some of our clients:

What You Need to Know: Expecting a refund? Some refunds must be held until February 15.

According to a new tax law change, the IRS cannot issue refunds before February 15 for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit.

This applies to the entire refund, even the portion not associated with these credits.

The IRS will begin to release EITC/ACTC refunds starting February 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of February 27.

What You Need to Do: Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations.

You don’t need to wait until February 15 to file your tax return. While the IRS must hold the refund until February 15, it will begin taking the steps it normally does to process your tax return once the filing season starts.

(source: https://www.irs.gov/individuals/steps-for-tax-filing-season)

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