Avoid the Rush: EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27

Avoid the Rush: EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27 Ten Forty + Quality Tax Preparation & Financial Services 281-397-7777 Fax 281-397-7443 Avoid the Rush: EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27 WASHINGTON – As the IRS begins releasing refunds for taxpayers who claimed the Earned Income Tax Credit and the Additional Child Tax Credit, the tax agency reminded taxpayers that they should not expect refunds to be available in bank accounts or on debit cards until the week of Feb. 27. The additional time is due to several factors, including weekends, the Presidents Day holiday and the time banks often need to process direct deposits. Many of these refunds had been held since the filing season started in late January due to new requirements of the 2015 Protecting Americans from Tax Hikes (PATH) Act. The IRS reminds taxpayers that the most common question taxpayers have about the status of their refund can easily be answered on IRS.gov by visiting the “Where’s My Refund?” tool. “Where’s My Refund?” will be updated Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit and the Additional Child Tax Credit. Before Feb. 18, some taxpayers may see a projected date or a message that indicates the IRS is processing their return. The IRS added that taxpayers should keep in mind that “Where’s My Refund?” is only updated once daily, usually overnight, so there’s no need to check it multiple times per day. Here are a few important things to know about tax refunds: The IRS issues nine out of 10 refunds in less than 21 days. The filing season started later this year -- on Jan. 23. Although taxpayers could submit returns with a software provider or tax preparer in early January, the return was not filed with the IRS until the filing season opened on Jan. 23. IRS customer service representatives cannot provide refund information until 21 days have passed since the return was filed. “Where’s My Refund?” provides the most up-to-date information. “Where’s my Refund?” can also be accessed through the mobile app, IRS2Go. “Where’s My Refund?” is updated once daily. Checking the tool multiple times each day will not produce new information or different results. The Get Transcript tool will not reveal a tax refund status, despite the social media myth to the contrary. This tip is part of the IRS Avoid the Rush news release series designed to provide taxpayers with the information they need, when they need it. More details on this series, including information on additional online resources, are available on IRS.gov Tax season is here. Go to www.tenfortyplus.com and complete your online organizer (under forms and documents). Make your appointment using our online appointment system. Call 281-397-7777 and get a user id with password set up so you can schedule appointment, send encrypted data, and receive our newsletters. Regards, Joseph C Becker EA www.tenfortyplus.com 281-397-7777, Fax 281-397-7443 joeb@tenfortyplus.com Contact Us There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions about the tax effects of a transaction or event, including the following: • Pension or IRA distributions. • Retirement. • Significant change in income or • Notice from IRS or other deductions. Revenue department. • Job change. • Divorce or separation. • Marriage. • Self-employment. • Attainment of age 59½ or 70½. • Charitable contributions • Sale/purchase of a business property in excess of $5,000 • Sale or purchase of a residence or other real estate.