Tax Wizards

FYI. The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law. The agency sent out about 4.67 million tax refunds in the week ending Feb. 1, compared with about 6.17 million in the same period in 2018, according to IRS data. The new tax changes is not for the working class.

IRS Faces Huge Backlog As Tax Season Begins The IRS will be back to work processing tax returns and issuing tax refunds following an announcement that the government shutdown has ended. But the news hardly means that tax season will be normal: The IRS has indicated that it will take quite some time to recover. PLEASE BE PATIENT.

IRS confirms tax filing season to begin January 28

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

FYI: The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year so taxpayers will have two additional days to file beyond April 15.

DELAYED 2018 TAX REFUNDS FOR THOSE CLAIMING EIC (earned income credit): By law, the IRS cannot issue refunds before mid-February for tax returns that claim the ...Earned Income Tax Credit or the Additional Child Tax Credit. While the IRS will process your return when it is received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return. Be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations. https://www.irs.gov/individuals/refund-timing

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