Millions of families will wait longer for their tax refunds this year
For most taxpayers, the start of the tax season usually means receiving a sizable refund check that can go toward savings, long-needed car repairs or a treat such as a vacation.
But this year, tens of millions of taxpayers will have to wait longer for that windfall.
As part of a law meant to cut down on tax fraud, the IRS will hold refunds for taxpayers claiming the earned income tax credit (EITC) or the additional child tax credit until at least Feb. 15. And because of holidays and weekends, those refunds may not actually land in people’s bank accounts until closer to the end of the month, the IRS estimates.
“For many customers .?.?. the tax refund is the largest single financial transaction they’ll do all year,” said Brian Ashcraft, director of tax compliance for Liberty Tax Service. “So it can really have an impact on them.”
https://www.washingtonpost.com/news/get-there/wp/2017/01/23/millions-of-families-will-wait-longer-for-their-tax-refunds-this-year/?utm_term=.d6788cb4c8c3&wpisrc=nl_rainbow&wpmm=1
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