It’s a new year and the Internal Revenue Service says to expect a few changes when the nation’s individual income tax filing season opens on Jan. 23, The Associated Press reports.
Taxes are usually due on April 15, but this year that date falls on a Saturday. And Emancipation Day, a holiday in Washington, D.C., will be observed on Monday, April 17. So that pushes the nation’s deadline to file returns and pay any amount due to April 18.
You don’t have to wait until then to meet with a tax professional or start the process though as a new law may delay refunds for some low to moderate income taxpayers who file early.
The Protecting Americans from Tax Hikes Act, known as the PATH Act, requires the IRS to withhold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. The change is designed to give the IRS more time to detect and prevent tax fraud.
The affected refunds will start being released on Feb. 15 but they may not arrive in bank accounts until the week of Feb. 27, as it will take more time for financial institutions to accept and deposit the refunds. The three-day holiday weekend involving President’s Day on Feb. 20 may also affect the timing of when funds are available.
