Delay in Income Tax Refunds This Year

Nearly 40 million low-income families will have their tax refunds delayed this year as a result of the International Revenue Service’s effort to combat fraud and identity theft. Families who have claimed child tax credits and income tax credits will be affected by the measure. The tax filing season kicks off on January 23, however, individuals who are filing for those specific claims will have to wait until February 15 for their returns to be processed. The delay is being put into place so that the IRS has more time to vet the returns for fraudulent activity. According to the IRS, in 2014, nearly $3.1 billion in fraudulent tax refunds was distributed to identity thieves. “For most of these people it’s the biggest check they are going to get all year,” IRS Commissioner John Koskinen told the Associated Press. Read More

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