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Tax Tip Tuesday: Important Upcoming Deadlines

The IRS has announced it will begin accepting electronic and paper tax returns on January 23, 2017.

Also, beginning in 2017, the Protecting Americans from Tax Hikes (PATH) Act requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. The entire refund must be held, even the portion not associated with the EITC and ACTC, until at least February 15th.

In addition, the IRS stated that taxpayers should be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President's Day holiday, many affected taxpayers may not have actual access to their refunds until the week of February 27th.

The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15th date. In 2017, April 15th falls on a Saturday, and this would usually move the filing deadline to the following Monday, April 17th. However, Emancipation Day—a legal holiday in the District of Columbia—will be observed on that Monday, which pushes the nation's filing deadline to Tuesday, April 18, 2017.

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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