IRS

Where’s My Refund PATH Act Update: EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27

Posted by admin on February 19, 2017
Income Tax, IRS, refund schedules / Comments Off on Where’s My Refund PATH Act Update: EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27

Where’s My Refund PATH Act Update

EITC and ACTC Refunds Expected to Arrive the Week of Feb. 27

The IRS recently sent out a press release letting all of the EITC and ACTC Tax Delay taxpayers know that their refunds should arrive by February 27th. Previously Where’s My Refund had a PATH act and then a processing message. Currently most taxpayers are seeing a tax refund date of 2/22/2017 or 2/23/2017. We estimate that all tax refund dates will be updated next week with refunds beginning Friday 2/17/2017.

WASHINGTON — As the IRS begins releasing refunds for taxpayers who claimed the Earned Income Tax Credit and the Additional Child Tax Credit, the tax agency reminded taxpayers that they should not expect refunds to be available in bank accounts or on debit cards until the week of Feb. 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.

Many of these refunds had been held since the filing season started in late January due to new requirements the 2015 Protecting Americans from Tax Hikes (PATH) Act.

Source: IRS.gov

What is the PATH Act?

A new tax law requires the IRS to hold entire refunds of millions of taxpayers until at least Feb. 15. This law, called the PATH Act, contains provisions that help combat tax fraud and may impact approximately 15 million taxpayers who claim the Earned Income Tax Credit or the Additional Child Tax Credit. For those who file early, they will have to wait until at least Feb. 15 to get their full refund from the IRS.

While the IRS will release those refunds on February 15, many taxpayers may not see the funds deposit into their banking accounts until the week of February 27. This additional delay could be for many reasons and it is best for taxpayers to check the IRS’s Where’s My Refund website for any funding updates.

Our sister site has a daily update regarding the PATH act, find it here.

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IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

Posted by admin on February 01, 2017
Income Tax, IRS, IRS Tax Dates, Tax Season / Comments Off on IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

IRS Answers Common Early Tax Season Refund Questions and Addresses Surrounding Myths

As millions of people begin filing their tax returns, the Internal Revenue Service reminded taxpayers about some basic tips to keep in mind about their refunds.

During the early parts of the tax season, early filers are anxious to get details about their tax refunds. And in some social media, this can lead to misunderstandings and speculation about refunds. The IRS offers some tips to keep in mind. Continue reading…

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Find out why millions of tax refunds will be delayed this year

Posted by admin on January 24, 2017
Income Tax, IRS, IRS Tax Dates, Tax Delay, Tax Planning, Tax Refund, Where's My Refund / Comments Off on Find out why millions of tax refunds will be delayed this year

Find out why millions of tax refunds will be delayed this year

Millions of 2017 Tax Refunds will be delayed this year. Find out if yours is one of them.

If you filed the Earned Income Credit(EITC) or the Additional Child Tax Credit(ACTC), your 2017 tax refund will be delayed according to the IRSContinue reading…

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Many Taxpayers Recently Hacked

Posted by admin on February 10, 2016
IRS / Comments Off on Many Taxpayers Recently Hacked

Many Taxpayers Recently Hacked on IRS.gov Where’s My Refund website.

The IRS reports that on February 9th, 2016, there Where’s My Refund had 1000s of attempts to view taxpayer information in an effort to hack many taxpayers.

Full story:

The IRS recently identified and halted an automated attack upon its Electronic Filing PIN application on IRS.gov. Using personal data stolen elsewhere outside the IRS, identity thieves used malware in an attempt to generate E-file PINs for stolen social security numbers. An E-file pin is used in some instances to electronically file a tax return.

No personal taxpayer data was compromised or disclosed by IRS systems. The IRS also is taking immediate steps to notify affected taxpayers by mail that their personal information was used in an attempt to access the IRS application.  The IRS is also protecting their accounts by marking them to protect against tax-related identity theft.

IRS cybersecurity experts are currently assessing the situation, and the IRS is working closely with other agencies and the Treasury Inspector General for Tax Administration. The IRS also is sharing information with its Security Summit state and industry partners.

Based on our review, we identified unauthorized attempts involving approximately 464,000 unique SSNs, of which 101,000 SSNs were used to successfully access an E-file PIN.

The incident, involving an automated bot, occurred last month, and the IRS continues to closely monitor the web application.

This incident is not connected or related to last week’s outage of IRS tax processing systems.

Source: IRS.gov

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IRS Tax Season 2016 off to slow start for many

Posted by admin on February 05, 2016
Income Tax, IRS, Tax Refund, Where's My Refund / Comments Off on IRS Tax Season 2016 off to slow start for many

IRS Tax Season 2016 off to slow start for many

IRS still a bit behind on tax refunds to date(one week or more for some). We are reevaluating our expected Refund Date being today(February 5th, 2016.) We know many of you have yet to see a change in your refund status.
We contacted the IRS yesterday and were told that many who filed last month will not see tax refunds until next week due to new fraud protections in place.

We will let everyone know once we have solid proof of a payout date for some January filers.

Keep watching our website for the latest IRS updates and news. Click here for more information.

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2016 IRS Tax Season officially starts today

Posted by admin on January 19, 2016
Income Tax, IRS / Comments Off on 2016 IRS Tax Season officially starts today

2016 IRS Tax Season officially starts today

The IRS announced that today January 19th, 2016 would be the first day of the 2016 IRS Tax Season. The IRS will begin officially(many people were accepted last week for testing purposes) accepting, approving, and issuing 2016 tax refunds today. We estimate many 2016 tax refunds that were accepting during the testing phase will have their 2016 direct deposit by the end of January 2016. The IRS estimates that 80% of Americans use direct deposit as their payment method. Continue reading…

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IRS began accepting 2015 Tax Returns

Posted by admin on January 11, 2016
Income Tax, IRS, IRS Tax Dates / Comments Off on IRS began accepting 2015 Tax Returns

IRS began accepting 2015 Tax Returns today

The IRS have accepted several 2015 tax returns today.  This will mean that many taxpayers will be getting their 2016 tax refunds by the end of January 2016. IRS began accepting 2015 Tax Returns. Read below for full details:

We have had a few of our Facebook followers and website viewers report that they have had their federal tax returns accepted by the IRS already for Tax Season 2016. We were under the impression from the IRS that returns would not be accepted until January 19th, 2016. This is great news for those lucky ones. We will update our 2016 IRS tax refund schedule to reflect the lucky few who have been accepted. Feel free to send us an email regarding your tax return acceptance date to give us all some hope. Many individuals might expect to get their IRS Tax Return Acceptance Early, but read the email before jumping to that conclusion. Early Tax Return Acceptance is very common each tax season due to the IRS testing their online e-file processing.

We are keeping this very short because none of our accountants or clients have reported this and it is purely from Facebook messages.

Early Tax Return Acceptance 2016

Our email is Info @ RefundSchedule.com. Send us an email and we will update this post to reflect the email.

Thank you for reading.

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2016 Standard Mileage Rates for Business, Medical and Moving Expenses Announced

Posted by admin on December 27, 2015
IRS, Small Business, Tax Deducations, Tax Law, Tax Planning / Comments Off on 2016 Standard Mileage Rates for Business, Medical and Moving Expenses Announced

IRS announced 2016 Standard Mileage Rates for Business, Medical and Moving Expenses 

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. 2016 Standard Mileage Rates for Business Announced below.

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54 cents per mile for business miles driven, down from 57.5 cents for 2015
  • 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
  • 14 cents per mile driven in service of charitable organizations

The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical or charitable expense are in Rev. Proc. 2010-51.  Notice 2016-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

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Tax season 2016 to begin 1 day earlier than Tax Season 2015.

Posted by admin on December 21, 2015
IRS, IRS Tax Dates, refund schedules, Tax Planning, Tax Refund, Tax Season / Comments Off on Tax season 2016 to begin 1 day earlier than Tax Season 2015.

Tax season 2016 to begin 1 day earlier than Tax Season 2015.

The IRS announced the start day for 2015 tax return acceptance. Tax season 2016 to begin 1 day earlier than Tax Season 2015. ” when can you file taxes?” 2016 details below. Continue reading…

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Are you worried about an IRS audit?

Posted by admin on December 16, 2015
IRS, IRS Audit, Tax Season / Comments Off on Are you worried about an IRS audit?

Are you worried about an IRS audit?

You most likely shouldn’t be, the odds are in your favor. Uplifting news for people who don’t savor the thought of being Audited by the IRS Audit Rates have Dropped to embarrassingly Low Levels. All the more uplifting news: the length of the GOP controls the House of Representatives, this circumstance is unrealistic to change.

Republicans are chafed at the IRS for Discriminating against Conservative Organizations that were Applying for Tax-Exempt Status and after that attempting (rather effectively) to cover it up. Thus, the IRS Budget has been Cut to the point where the Agency says its Audit capacities have been altogether weakened. I question this case, regardless of the possibility that genuine, will make numerous tears be shed by Taxpayers. Regardless, the latest Audit Statistics can be found in the 2014 IRS Data Book, which covers Audit Activity in the Government’s Fiscal Year That Ended Sept. 30, 2014. Continue reading…

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