What is the PATH Act?
There are going to be several tax refund delays for taxpayers in 2017. A new law, called the PATH ACT, requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review.
Will My Tax Refund Be Delayed?
For those of you reading that aren't professional tax preparers, would you like a easy shortcut to know if this means anything for your tax refund? The easiest way is to look at your 2015 tax return. On page 2 of the 1040 you will see many lines with a number next to each one. Look toward the bottom to find line 66 and line 67. They will say Earned Income credit and Additional Child Tax Credit, respectively. If you have amounts on either of these lines, and your 2016 tax preparation situation is the same, you will have delays of your tax refund. The exceptions to this will be if your tax situation has changed significantly in the areas of claiming dependent children, and income. You can always contact us for any questions you may have. 859-623-0044
What are my options?
If you were anticipating a refund in January or February, there are still some options available to you. As a professional tax preparation office, we are always searching for ways to help our clients, as the IRS and tax preparation products evolve. You can wait until the refunds are issued in mid-February but we are offering a Free Tax Advance for those impacted by the PATH Act.
Qualify for up to $1,000*
Apply in minutes at our office
Available thru February 28
Free - No cost to you**
Get your advance by check or Green Dot card
* $1,000 is a loan based upon your refund and is not the refund itself. Fast Cash Advance is provided by First Century Bank, N.A.,Member FDIC, not affiliated with TPG. Separate fees apply if the taxpayer selects a Refund Transfer. A Refund Transfer is not required for the Fast Cash Advance. Not all consumers will qualify for a loan or for the maximum loan amount.
** Fees may apply for other products and services. Additional fees may apply if Green Dot card is selected for method of receiving Fast Cash Advance. The Green Dot card is issued by Green Dot Bank, Member FDIC subject to Green Dot card terms and conditions. Please check with transmitter/software provider for program availability. Separate fees apply if the taxpayer selects a Refund Transfer, which is not required for this Fast Cash Advance program.
Fast Cash Advance is provided by First Century Bank, N.A., Member FDIC, not affiliated with TPG. Separate fees apply if the taxpayer selects a Refund Transfer. A Refund Transfer is not required for the Fast Cash Advance. Not all consumers will qualify for a loan or for the maximum loan amount.