On December 9th, 2016, the IRS announced that the 2017 tax filing season will begin on January 23rd, 2017, when it will start accepting electronic tax returns. Per its website, the IRS is expecting more than 153 million individual tax returns to be filed during 2017, some of which will be affected by recent changes in tax law. Specifically, the IRS is now required to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15th, 2017. This rule applies to the entire refund, not just the portion of the refund relating to these credits. Furthermore, due to delays in refund processing through financial institutions, weekends, and the Presidents’ Day holiday on Monday, February 20th, 2016, the IRS is warning taxpayers who claim either credit that they most likely will not be receiving their refunds before February 27th, 2017.
How can you check the status of your refund?
There are two easy ways:
– Where’s My Refund on the IRS website – This website will be updated with estimated deposit dates for early EITC and ACTC refund filers after February 15th, 2017. All you need is your social security number or ITIN, filing status, and your exact refund amount.
– IRS2Go – This is the official mobile app of the IRS. It can be downloaded from the IRS website. EITC and ACTC refund filers can start checking the status of their refunds after February 15th, 2017.
With the year coming to an end, it is important to start getting your books in order to have them ready to close, and get a head start on filing your tax return. It is important to know that for the upcoming year, many due dates have changed for 2016 returns, and will be changed going forward.
Here are a few of those dates that have changed for the upcoming filing season. Additional guidance can be found on the American Institute of Certified Public Accountants (AICPA) website:
• Partnerships with a calendar year end will have a new due date of March 15th, and the extension date remains as September 15th. Fiscal year partnership returns are due on the 15th day of the 3rd month after year end, and a six month extension is allowed from that date.
• Trusts and Estates Form 1041 will have the same filing date of April 15th, but the new extension date is now September 30th.
• Exempt organizations will have the same filing date of May 15th, but with a single automatic 6-month extension of November 15th.
• FinCEN Report 114 will have a new due date of April 15th, with a new extension date of October 15th.
• Information returns including W-2 and most 1099 MISC forms will be due to the IRS/SSA on January 31st. This is the same date that they are due to the taxpayer. All other 1099 forms are due February 28th or March 31st if filed electronically.
• C Corporations have different rules for the upcoming years depending on when the year end is:
C Corporations with a calendar year end will have a new due date of April 15th with an extension date of September 15th.
C Corporations with a fiscal year end return other than December 31st and June 30th will be due on the 15th of the 4th month after the year end with an extension on the 15th of the 10th month after year end.
C Corporations with a June 30th fiscal year end will have a due date of September 15th with a new extension due date of April 15th.