Right now, something that would be on the mind of every taxpayer is the “IRS refund schedule 2017.”
Before we talk about that, do you know that IRS says there will be some changes into the individual income tax filing? Well, the season already opened on January 23, so by now, most of you probably know these changes. But if you don’t, have a look at them here:
New Due Date
Usually, the due date is always April 15 but this year, it is going to be April 18 due to the Emancipation Day holiday in D.C.
Refunds May Be Delayed
A new law has been introduced which may delay the IRS refund schedule 2017 for the moderate to low filers.
As per the PATH (Protecting Americans from Tax Hikes) Act, IRS will have to hold the refunds on tax return claiming the Additional Child Tax Credit or Earned Income Tax Credit until mid of February. Don’t be sad, this change is designed so that IRS gets more time to not just detect but prevent tax fraud.
As per the IRS refund schedule 2017, the refunds will be released on February 15 but they might not arrive in your bank until February 27. Furthermore, the 3-day holiday weekend and the President’s Day on February 20 may delay the availability of the funds.
New ID numbers
The PATH ACT also requires that the ITINs i.e. Individual Taxpayer Identification Numbers should be changed.
If you have an ITIN that has not been used on the tax return for the past 3 years or the one that has 78 or 79 as the middle digits, then you need to get it renewed and you must do that before filing the return. If you have already filed with an expired ITIN, then your return processing and refunds will delay. You might even not get entitled to some of the tax benefits. If you are one of those who needs to renew the ITIN, then get started with the application now because it takes up to 11 weeks to get a renewal. Otherwise, you will ruin your estimated IRS refund schedule 2017.
Now let’s talk about the actual IRS refund schedule 2017. IRS has refused to release exact dates of the audit process. Just follow the rule of thumb; the earlier you file, the earlier you will get a refund. They have a general statement for everybody i.e. wait for 21 days to get a refund. If you are among those individuals who had already filed the return and you are still waiting for a refund, instead of searching for an accurate IRS refund schedule 2017, it is recommended to investigate why it is taking too long to get a refund. If it has been more than 21 days since you filed, contact IRS as soon as possible. You can also book an appointment for in-person tax assistance. IRS has TACs (Taxpayer Assistance Centers) to assist people with their tax issues.
There is no particular IRS refund schedule 2017, but IRS has anticipated that it will issue 9 out of 10 taxpayer refunds in less than 21 days so, if you are lucky, your refund may be on its way.
Do you like to do your return before Deadline April 18, 2017? You can you get the help of Tax King Inc who is the second name of Accuracy.