If you're like us, you are looking forward to either not having to pay the IRS (hopefully) or awaiting the receipt of your tax refund so you can spend it as you wish. Of course, either option is good, but for those expecting to receive a tax refund, we've got the details on when you can expect your funds.
The IRS added hundreds of additional tax agents this tax season to prevent a backlog while processing returns. With the addition of extra agents, the hope is that the IRS will be able to stick to its anticipated timeline for approving and distributing tax refunds this season. However, some taxpayers have received updates on the IRS's Where's My Refund site stating a delay due to the PATH Act. What's the PATH Act?
The Protecting Americans from Tax Hikes Act (PATH Act) prevents the IRS from issuing early refunds on any tax return that claims the Earned Income Tax Credit (EIC) and Additional Child Tax Credit. Congress passed the PATH Act because identity thieves frequently claim one or both of these refundable tax credits. As a result, the PATH Act refund delays only impact taxpayers claiming Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) before February 15th. That said, most taxpayers who claimed EITC or ACTC could anticipate receiving their refunds on or after February 28th.
Whether you self-reported or used a professional, check the schedule below and get more information on when you can expect your refund to hit your bank account (or get a check in the mail). If you haven't filed your taxes and have questions or need help, book a FREE CONSULTATION with our team today!
