The IRS has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication effort later in the summer and fall to alert taxpayers about the changes that will affect some early filers.
This action is driven by the Protecting Americans from Tax Hikes Act of 2015 that was enacted into law on December 18, 2015. Section 201 of this new law mandates that no credit or refund for an over payment for a taxable year shall be made to a taxpayer before February 15 if the taxpayer claimed the earned income tax credit or additional child tax credit on the return.
Source:The Tax Book Photo:Pexels
It’s certainly not our favorite thing to do but sometimes we must.
Its been said that, “paperwork rules the world.” No, not really, but when it comes to dealing with the government and paying federal taxes the IRS is making it easier – paper checks are no longer required nor is the lengthy EFTPS registration process.
IRS Direct Pay offers an online presence for paying your 1040 return. http://www.irs.gov/Payments/Direct-Pay
IRS Direct Pay at a glance:
Important to know:
Updates are scheduled to include the addition of other tax forms, adding a Spanish version, registration with a login/password combination. All in all I see this as an improvement to the process.
Rhonda A. Mannes,