IRS Delay Tax Refunds

February 2, 2017 / Automotive, Conversation / 0 Comments /
tax time blues

February will be cutting it close. IRS to delay tax refunds for millions of low-income families

The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud.

The delays will affect families claiming the earned income tax credit and the additional child tax credit.

The tax filing season starts Jan. 23. But a new law requires the IRS to delay tax refunds for people claiming these credits until Feb. 15. Processing times will delay most of the refunds until the end of February, Koskinen said.

In 2014, about 29 million families received more than $72 billion in earned income credits.

Eager to get refunds, about half of H&R Block’s customers who claim the EITC file their returns by early February, said Bill Cobb, president and CEO of the tax giant.

The tax preparer is offering interest-free loans to taxpayers affected by the delay, Cobb said.

In 2014, more than 20 million families claimed $27 billion in these credits.

This year, the IRS expects to process more than 153 million tax returns. More than 70 percent of taxpayers are expected to get refunds. In most cases, the IRS says it can issue refunds within three weeks of receiving a return.

Last year, about 1.2 million legitimate refunds — worth $9 billion — were delayed an average of more than 30 days, according to a report released Tuesday by Nina E. Olson, the National Taxpayer Advocate.


About the author

John Paul Strong: For 15 years he has worked solely at the dealer marketing level and has mastered all necessary skills to lead the company in the digital, traditional and direct contact forms of media. The last 12 years have been spent strictly working at the Tier 3 level growing the company to 70 employees and over 125 successful dealers nationwide. Strong works hands-on with most clients and has played a leadership role in all dealerships the company handles. His focus is to insure the traffic created is immediate and measured in car sales for clients. Both employees and clients find his attitude and attention to their business infectious and energizing. Strong is a nationally recognized speaker in the automotive industry, has authored two books on creating next day traffic and is a graduate of the Harvard Business School’s program on Executive Service Firms. He is also a firm believer that “attitude is everything” and that there is only minimal space between being good and being exceptional. Strong earned a bachelor’s degree in liberal arts from the University of Montevallo. John Paul Strong is the owner of Strong Automotive Merchandising.


0 Comments

Would you like to share your thoughts?

Your email address will not be published. Required fields are marked *

Leave a Reply