Tax Season Starts January 23
The IRS has announced that tax season will officially begin on January 23, 2017. After you receive the early January release of Drake Tax Software, you’ll be able to transmit returns to Drake and we will hold them “in queue” until the IRS begins accepting returns.
Refunds for Returns with EITC or ACTC Delayed
The PATH Act of 2015 requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. The IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least February 15. The IRS cautions that these refunds likely won’t arrive in bank accounts or debit cards until the week of February 27 –- if there are no processing issues with the tax return and the taxpayer chose direct deposit.
Filing Deadline is April 18
The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017. This date is due to April 15 falling on a Saturday and the following Monday being Emancipation Day, a legal holiday in the District of Columbia.