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IRS WARNING: MILLIONS OF REFUNDS FOR LOW-INCOME FAMILIES WILL BE DELAYED



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The Immoral Robbery Swindlers, er, the Internal Revenue Service, has made an announcement that is sure to disappoint those who are expecting two very common types of tax refunds this year.

More than 40 million low-income families who claim the earned income tax credit (EITC) and the additional child tax credit (ACTC) will get those refunds later than expected.

IRS Commissioner John Koskinen wrote on the agency’s website:

In an effort to make it easier for the IRS to detect and prevent refund fraud, Congress passed a new law that requires the IRS to hold refunds claiming those credits until February 15th.  But this doesn’t mean you should wait to file until then. Taxpayers claiming the EITC or ACTC should file as soon as they have all of the necessary documentation together to prepare an accurate return. In other words, file as you normally do.

The IRS will begin releasing refunds claiming these credits the week of February 15th, but it takes time for these to work through the financial system. With weekends and Presidents’ Day, EITC and ACTC filers should not expect to have access to their refunds via their bank or financial institution before the week of February 27th.

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