President Obama and congress passed a new law, in 2015,that allows the IRS to hold tax refunds that include Earned Income Tax Credit and Additional Child Tax Credit until February 15, 2017—with the week of February 27 being the earliest they expect those refunds to be available in taxpayers’ bank accounts or debit cards.
This law, Protecting Americans from Tax Hikes (PATH) Act of 2015, helps detect and prevent tax fraud, and the delay in refunds allows the IRS to make sure taxpayers are claiming the credits properly and given what they’re owed.
Most taxpayers won’t be impacted by this and the IRS expects that the majority of tax refunds (more than 9 out of 10) will be issued in 21 days or less from acceptance.
The IRS encourages taxpayers to file as soon as possible regardless of their tax prep method, or if claiming Earned Income Tax Credit or the Additional Child Tax Credit since they’ll still begin accepting and processing tax returns once they’re received.
To track your refund, go to the IRS Where’s My Refund? site.
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