June 27, 2016
Starting in 2017, the 2016 tax filing year, the IRS will be required to hold refunds which resulted from taking the Earned Income Tax Credit or the Additional Child Tax Credit. Taxpayers can expect to have their returns accepted and processed beginning Feb. 15th.
This is the latest move by the IRS and congress in an effort to reduce the number of fraudulently filed tax returns and identity theft. The amount of time the IRS needs to process the returns should not be impacted and most will receive their refund around 21 days after the return is accepted.
Please call the front office at 541.388.7888 if you have any questions or concerns.
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: