The Internal Revenue Service announced that next tax season will begin on Monday, Jan. 23, 2017.
The IRS will begin accepting e-filed returns on January 23 and anticipates more than 153 million individual tax returns to be filed throughout the course of the year. The IRS believes more than four out of five tax returns will be prepared electronically using tax preparation software, as was the case last year.
The IRS also explained that a new law requires the agency to hold back tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit until February 15. It is also important to note that it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, many affected taxpayers may not have actual access to their tax refunds until the week of February 27.
The IRS will begin accepting e-filed returns on January 23 and anticipates more than 153 million individual tax returns to be filed throughout the course of the year. The IRS believes more than four out of five tax returns will be prepared electronically using tax preparation software, as was the case last year.
The IRS also explained that a new law requires the agency to hold back tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit until February 15. It is also important to note that it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, many affected taxpayers may not have actual access to their tax refunds until the week of February 27.
RSS Feed