Why the Delay this Year?


          You may be aware of the announcement from the IRS that Tax Refunds for this year will only be available starting in late February. Have you wondered why this is the case? This delay will directly affect those who claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). A law was passed by Congress last year that allows the IRS to hold any refunds claiming these credits until February 15. Why was this done?

          Last year over 70 percent of all the Tax Returns submitted received a refund. Those numbers are expected to remain the same this year. The Tax Refunds claiming the EITC or ACTC will be a big part of that and are held a little longer to check for fraud. That is a special circumstance with these 2 credits, but they will arrive.

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