by John G. Merna
Tax filers who anticipate claiming Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can anticipate their refund being held up until the end of February.
The IRS announced that they will be implementing a more strenuous review to detect tax credit fraud and the additional delay will provide the agency more time for these reviews.
While they announce the delay will only be until February 15th it is unlikely that the refunds will hit taxpayers account via electronic deposit until the week of February 27th.
Taxpayers using online tax software may begin preparing their returns immediately, however, the software companies will not submit them to the IRS until January 23rd.
For individuals planning to use their tax refund to improve their financial and credit future by availing themselves of a bankruptcy fresh start and wish to move quickly they should get their documents to their bankruptcy attorney by the end of February.
For more information on the IRS refund plans visit www.IRS.gov.
If you are considering filing a bankruptcy give us a call for a free consultation even before you receive your refund. Protecting your refund is also important and we want to make sure we start on that early. Call us today at Tel:800-662-8813.