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 refun
If you’re a business owner, be sure to draw a big red circle around the date January 31, 2017, on your calendar: that’s the new due date for filing forms W-2. Under a new law, the Protecting Americans from Tax Hikes (PATH) Act, enacted last December, the new filing deadline for employers to submit forms W-2 to the Social Security Administration, is January 31. The new January 31 filing deadline also applies to certain forms 1099-MISC reporting non-employee compensation such a
Florida — Victims of Hurricane Matthew that took place beginning on October 3, 2016 in parts of Florida may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the State of Florida. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in the counties of Brevard, Duval, Flagler, Indian River, Nassau,
One of the biggest changes for taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on federal tax returns for tax year 2016, is that any credit or refund will not be released until on or after February 15. This is just one of many changes made under the Protecting Americans from Tax Hikes (PATH) Act of 2015, enacted December 18.
Individual taxpayers claiming EITC or ACTC need to know: Section 201 of the PATH Act mandates that, “[n]o
Please note that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. Note that the IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes. Threaten to immediately bring in loca