September 22, 2016
The IRS is sounding the alarm that certain taxpayers may experience delays in receiving refunds associated with the filing of their 2016 tax returns.
Those individuals who are claiming the Earned Income Tax Credit and/or the Additional Child Tax Credit will likely experience a delay in the receipt of their refunds especially if they file early in the season. New laws require the IRS to hold refunds related to these two credits until at least February 15, 2017.
The continued rise in identity theft is also to blame for a potential delay in getting your refund. Both the IRS and state taxing authorities will spend additional time reviewing returns to better protect against fraud.
If you expect to have a refund on your 2016 tax return, you might be able to mitigate the impact of any delay by decreasing your withholdings for the rest of 2016. This would result in additional take home pay through the end of the year and a smaller refund at the time you file your 2016 tax return.
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