Here at Taxware Systems, we want tax professionals to stay informed about the tax industry at large, including important information from the IRS that will help the tax season run smoothly.
The IRS recently announced that the official start date for 2017 filing season, and the day they will begin processing returns is Monday, January 23rd.
Note: There is no advantage to filing paper returns early in January because the IRS will start processing all returns at the same time.
The IRS also wanted to remind taxpayers that due to the PATH Act, a new law dictates that the IRS is required to hold refunds claiming Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) until February 15th. Please be patient; it will take several days for these particular refunds to be released and processed through various financial institutions.
We hope that this information is helpful as you prepare for another successful tax season.