Your 2016 tax refund could be delayed
You may have to wait a little longer for your tax refund this year.
If you claim the Earned Income Tax Credit or the Additional Child Tax Credit you’re going to have to wait until at least February 15 before you receive your refund.
The reason for the delay is that these tax credits are big targets for fraud.
"If I’m filing a fake return with three fake children we could be talking something around $9,000," according to JackiePerlman, a principal tax research analyst with the Tax Institute at H&R Block.
She said the added delay was designed to prevent someone else from falsely claiming your tax credits before you have time to file. The additional time also gives the Internal Revenue Service more opportunities to check for fraud.
The February 15 delay was created by the Protecting Americans from Tax Hikes Act -known as PATH- which takes effect in the 2016 filing year.
Perlman says, even with the delay, you should file your taxes like any other year.
The IRS will issue refunds within three weeks after February 15.