Important Dates:

• February 27, 2017: Earned Income Credit & Additional Child Tax Credit Refunds become available
• March 20, 2017: Deadline to turn in Individual Tax information to The Kane Firm
• April 18, 2017:  Individual Tax Return Deadline
• April 19, 2017: Kane Firm Recovery Day!

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WASHINGTON ― The Internal Revenue Service announced that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds.

April 18 Filing Deadline

The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday – April 17. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

Kane Firm individual clients should expect to receive their tax questionnaires, engagement letters and tax organizers by mid January.  We ask that the complete forms, along with tax documents, are provided by March 20, 2017 in order to guarantee on time filing. 

    Refunds in 2017

Taxpayers should be aware that the IRS will hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15, 2017. Due to holidays and weekends, many affect tax payers will not have access to the refunds until the week of February 27th. The purpose of this delay is to combat identity theft. In recent years, criminals have been using stolen social security numbers to submit falsified returns to obtain the refund before the actual taxpayer is able to file. 

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.

As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparer’s should also submit returns as they normally do – including returns claiming EITC and ACTC.

Where’s My Refund?  

Head to https://www.irs.gov/refunds on IRS.gov or the IRS2Go phone app to track your refund.  Both will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after February 15, 2017. Taxpayers will not see a refund date on Where’s My Refund? ‎or through their software packages until then.

The IRS, tax prepares and tax software will not have additional information on refund dates. so Where’s My Refund? Remains the best way to check the status of your return.

As always, clients should contact The Kane Firm with any questions or concerns.