CCH Tax Day Report
The IRS’s “Where’s My Refund?” tool will be updated on February 18 for many taxpayers who claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). Before February 18, some taxpayers may see a projected deposit date or an intermittent message that the IRS is processing their return. Early filers claiming the EITC/ACTC may experience delayed refunds because of the Protecting Americans from Tax Hikes Act of 2015 (PATH) Act (P.L. 114-113).
The PATH Act generally requires that no credit or refund for an overpayment for a tax year will be made to a taxpayer before the 15th day of the second month following the close of that tax year, if the taxpayer claimed the EITC or ACTC on the return. This provision in the PATH Act applies to credits or refunds made after December 31, 2016.
Many taxpayers claiming these credits traditionally file during the opening weeks of tax season and seek early refunds, the IRS has reported. However, the IRS has cautioned that the affected refunds likely will not arrive in the bank accounts or debit cards of taxpayers until the week of February 27 (TAXDAY, 2017/02/10, I.1), if there are no processing issues with the return and the taxpayer selected direct deposit.
“Where’s My Refund?” Updates Feb. 18 for Most EITC and ACTC Filers