The Internal Revenue Service announced that the 2017 tax filing season is now underway and they are now accepting and processing 2016 federal individual income tax returns.
The deadline for filing your 2016 return will be Tuesday April 18, 2017. The deadline is later this year because April 15 falls on a Saturday and Monday April 17 is Emancipation Day which is a D.C. holiday thus taxpayers will have until Tuesday to file and pay your taxes.
The Internal Revenue Service also announced that a law change now requires the IRS to hold refunds on tax returns which claim the Earned Income Tax Credit or Additional Child Tax Credit. The IRS will not process any refunds on those type of returns until February 15. Under the change the IRS must hold the entire refund-even the portion not associated with the credits. The IRS will begin processing those returns on February 15 however taxpayers will likely not have access to their refunds until February 27 at the earliest. The law change gives the IRS more time to detect and prevent fraud. Beyond the Earned Income Tax Credit and the Additional Child Tax Credit refunds are expected to be issued in less than 21 days.
All taxpayers are also reminded to keep a copy of your tax return. Beginning in 2017, taxpayers using a tax filing software for the first time may need their Adjusted Gross Income amount from their prior year tax return to verify their identity.