Delays likely as tax refund process changes due to PATH
Jan 25 2017 by Cristina Jennings
Perkins says that next to buying a home filing your taxes is one of the biggest financial obligations you'll have. Well, not this year. Normally, that would mean the Internal Revenue Service would push the deadline to the following Monday, which is April 17. The usual April 15 deadline was pushed back since it falls on a Saturday this year.
But at H&R Block, people will be able to get an advance loan for the full refund amount, as much as $1,250, said Teri Harrier, owner of H&R Block of Coudersport and Emporium.
This answer isn't going to make everyone happy.
"Timely and accurate processing of every return is a priority for the department", said Commissioner Craig Burns.
Want to speed up your refund AND protect your identity?
Find your old tax return. In most cases, the IRS says it can issue refunds within three weeks of receiving a return.
In fiscal years 2015 and 2016, the total tax refunds paid during each year reached $148 million, according to the governor's office. The 1099-B forms show sales of stocks, bonds or mutual funds through a brokerage account, while 1099-S forms relate to real estate transactions and 1099-MISC forms detail other income such as rent, royalty payments or prizes from TV or radio shows.
Eager to get refunds, about half of H&R Block's customers who claim the EITC file their returns by early February, said Bill Cobb, president and CEO of the tax giant. Last year, 111 million refunds were issued, with an average refund of $2,860. The law will delay refunds for early filers who claim the Earned Income Tax Credit or the Additional Child Tax Credit until February 15.
Despite the change, people should still file their returns early, tax preparers and the IRS say, to give the IRSmore time to review the documents and to avoid further delays with their refund checks.
If you have any questions on where your money is you can visit the IRS refund site here. "People should make sure they have their year-end tax statements in hand".
While many people will get a tax refund, some people will owe taxes after filing their tax return. This phone line also supports Spanish speaking taxpayers.
After your return is filed, we may send you letters asking for more information. If you file an extension, you get until October 16 to fund a SEP-IRA or 401 (k).
Anyone whose adjusted gross income in 2016 was $64,000 or less - that's more than 70 percent of taxpayers - will be eligible for Free File software. More than four out of five of those returns are expected to be filed online.
The IRS also offers free tax filing help nationwide through community volunteers.
Citing tax fraud and identity theft prevention, the federal government is also delaying tax refunds this year for individuals and families who qualify for the Earned Income Tax Credit or the Additional Child Tax Credit.