Dear Valued Clients and Visitors: As our nation responds to COVID-19, our firm is taking precautionary measures by closely following and reinforcing the guidelines from the CDC and local health authorities. Our physical office is open on an intermittent basis. However, please be assured that we are open for business and ready to serve your needs.

If you have a tax problem or inquiry please call and if we are not in leave a message. A return phone call will be made within a short period of time. Now is the time to address your tax matter. We remain committed to our clients and colleagues through these unusual times. Please stay safe and healthy.

Free Consultations Available

Finding Real Life Solutions To Your Tax Problem

A measure of warning from the IRS to taxpayers

On Behalf of | Sep 9, 2016 | IRS |

It is not very often that taxpayers get a measure of warning about the upcoming tax season, but a recent announcement by the Internal Revenue Service could be an encouraging sign. According to an report, the IRS is encouraging taxpayers to consider a mid-year withholding checkup to ensure that they are properly preparing themselves for next year’s tax season.

Simply put, tax returns will be subject to additional scrutiny next year, thanks to a new law that allows the IRS to hold the returns of early filers who claim certain tax credits. Specifically, those who claim the earned income tax credit (EITC) or the additional child tax credit may not immediately receive their income tax refunds. 

In conjunction with state tax officials, the IRS will conduct additional reviews of tax returns to ensure that the credits are taken properly, and that identity theft and fraud protections are enforced. This may delay the receipt of refunds by a few weeks. In some cases, returns will be corrected. This may also lead to some refunds being substantially reduced.

In the meantime, taxpayers can take solace in knowing that of nearly 140 million tax returns being filed in 2016, nearly 102 million resulted in a refund being issued. Indeed, many people may not be concerned about their tax returns in September, but for those who want to maximize their returns, a measure of planning is helpful. With that, a conversation with an experienced tax attorney would be beneficial.

The preceding is not legal advice.  


Send Us A Quick Message