If you are a lower income worker who filed for two special credits, then the bad news is that there will be delays in your refund thanks to a newer tax policy. Wanting to claim credits, many will file early and depend already on a count of money when mostly likely this new process could hurt filers gravely. It is not safe to be so heavily depended on it, this time it could hurt you.
Done to Protect
The IRS reminded that fillers would not get any refunds for those claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). Apparently, it is done to protect Americans from the Tax Hikes Act of 2015, also known as PATH. The e-filing would still open up for returns. The reason for the delay is to prevent any kind of theft and fraud, which this time it is said will be completely rampant. Yet there are still those who fill up for those two credits when they are not deserving of it, it should go to those qualifying. In the process of making sure it is heading to the proper hands, these delays are formed, and it ends up hurting all parties involved in the returning.
New Budget Cuts
It also has to do with Trump’s new budget cuts, which means more checking and scrutiny than usual. They will correct more errors than what they and we are used to, making the refund and return process much harder and the filers more demanding and stressed. If you are in this group, then you will receive a newsletter e-mail informing you of the situation. It should work normally once the IRS have all their needed answers. They are working hard enough as it is with all these recent changes to make sure the job is done properly. They as well are dealing with being unfunded and thus having to take care of less theft cases, which makes it easier for others to take advantage of and many others to suffer the consequences.
Other tax representatives are afraid that in the filer’s desperation they might seek some sort of advance, which charge high interests and fees. It will not be worth it and you might end up with another unnecessary debt. Lawyers and accountants are ready to help you with a loan or to even help you with opening an account. If you are indeed in need of it, there is the alternative of the Express Refund Advance (ERA), which doesn’t make you any of these interest and fees but that is if you can qualify before the end of November. It would only mean starting very early.
How about the normal fillers who are not going through this problem? They don’t know, there are presumptions that they will be given the expected day. Of course, that is to all who have a bank account and they can be directly deposited to. No matter your case, just be patient. You will receive your return in due time and with no other hassles.
Visit http://www.taxreturnco.com.au for more informations and help.