The probable answer is yes, on certain refunds, and be careful not to fall for statements of early refund promises. The IRS is making a point of reminding taxpayers to note the new law now in place that requires the IRS to hold refunds until mid-February in 2017 for taxpayers claiming earned tax credit or additional child tax credit. The entire refund, including the portion not associated with the above claims will be held until mid-February. Part of this has come about due to new identity theft and refund fraud protection that has been put in place by the IRS.
The need to protect taxpayers from the tax fraud and identity issues has created the need for the better security. The IRS will also be implementing processing filters which may delay legitimate returns. This has been helping in that reported cases have dropped by more than fifty percent but we still are seeing as many as 275,000 victims, a couple weeks delay to help protect us all from this kind of theft is going to be necessary.
Promises of early refunds can-not circumvent these laws, so don’t be fooled by promotions or gimmicks. Affordable Tax can help by making sure your return is clear and concise which does help. However, an expectation of two-weeks on your normal refund time should be expected.
If you have questions or concerns, don’t hesitate to contact us, we’re always here to help.