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Your Refund May Be Delayed

A Mazzo Accounting services is a Kenhorst small business that provides accounting services, bookkeeping services, and payroll services to individuals and businesses in Wyomissing, West Reading, and Sinking Springs PA.

I don’t know about you but it feels like the 2015 tax season just ended, and it’s hard to believe that it’s the last week of September or that the 2016 tax season will be here soon. But it’s true! And with that it’s time to start preparing for the upcoming tax season. But what I want to actually talk about in this blog is some changes that are going to be implemented for when you get your refund back.

If you take advantage of the Earned Income Tax Credit (EITC) and/or the Additional Child Tax Credit (ACTC), WHEN you receive your tax refund has been changed. No matter how early you file your tax returns, your refund will not be issued until February 15th.

What is the reason for this change?
The Protecting Americans from Tax Hikes Act requires the IRS to hold all refunds until February 15th for those who qualify for the EITC and ACTC. The reason for this is to guarantee every tax payer gets the refund owed to them and allows the IRS more time to help detect and prevent fraud.

What you may want to consider due to this change.
Due to this change, you may want to consider adjusting your withholdings. By adjusting your withholdings you can be sure that the right amount is taken out of your pay throughout the year so that you aren’t paying too much in and now having to wait longer to receive your refund. Making the adjustment now allows the time needed for the adjustment to go in effect before the tax year ends in December.

While the IRS is working to stop any fraudulent refunds from being issued, they are also focused on releasing legitimate refunds as quickly as possible. But with this new change, it will hopefully give the IRS the extra time they need to ensure there are not fraudulent refunds going out!

A Mazzo Accounting provides a variety of tax and accounting services to individuals and businesses in the Wyomissing, Reading, West Reading, Sinking Spring and Kenhorst areas, as well as towns and villages around the Greater Reading area. Our services for small to mid-size businesses include taxes, payroll services, accounting services, and bookkeeping services. We also provide a variety of services for individuals and they include tax return preparation as well as some accounting assistance.


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