Although it may seem as if we just filed our income taxes (as some of you may have filed as late as October) the IRS has announced they will begin accepting 2016 tax returns on January 23, 2017. However, they are warning that refunds may be delayed this year for individuals claiming certain credits and also due to added security procedures. The IRS continues to make a concerted effort to strengthen their processing systems in order to protect taxpayers from identity theft and refund fraud.
It is expected that more than 153 million individual tax returns will be filed electronically in 2017. And, although the IRS is anticipating that the majority of refunds will be issued in less than 21 days, this may not be the case for taxpayers claiming either the Earned Income Credit or the Additional Child Tax Credit. Under the new tax law, such refunds will be held until February 15, 2017.
Also, be advised that the due date this year is not the traditional April 15 date. Since April 15, 2017 falls on a Saturday and the fact that Emancipation Day this year (a legal holiday in DC) will be observed on Monday, April 17, the nation’s tax filing deadline is pushed to Tuesday, April 18, 2017.
Finally, the IRS wants to remind taxpayers to keep sufficient documentation to support their tax returns in addition to keeping copies of their previously filed tax returns for a minimum of three years. If filing assistance is needed this year, the IRS offers a variety of options to get help that can be found at IRS.gov.
Connie Farell, CPA