Friday, February 17, 2017
The US Internal Revenue Service (IRS) has confirmed that it has begun to release refunds for individual taxpayers who have claimed the earned income tax credit (EITC) and additional child tax credit (CTC) on their tax returns.
The IRS was constrained under the requirements of the 2015 Protecting Americans from Tax Hikes Act to hold those tax refunds until February 15, in order that the agency could have more time to weed out fraudulent credit and refund claims after the start of the filing season on January 23.
However, the IRS has reminded taxpayers that they should not expect those refunds to be available in bank accounts or on debit cards until the week beginning on February 27. The additional time is due to several factors, including weekends, the Presidents' Day holiday, and the time banks often need to process direct deposits.
It has also pointed out that the most common question taxpayers have about the status of their refund can easily be answered on IRS website by visiting the "Where's My Refund?" tool, which is being updated from February 18 for the vast majority of early filers who claimed the EITC and the additional CTC.