Info Concerning the PATH Act and Tax Refunds


Info Concerning the PATH Act and Tax Refunds

Beginning on January 24, 2022, the Inner Income Service (IRS) formally kicked off the opening of the 2022 tax submitting season and is now accepting and processing tax yr 2021 e-filed tax returns.

TurboTax can be formally open and accepting e-filed returns. Which means that you would be able to file now and be first in line on your tax refund!

To get your tax refund as rapidly as attainable, the IRS urges individuals to organize their taxes as quickly as they’ve the knowledge wanted to file and select e-file with direct deposit. Total, the IRS anticipates most taxpayers will obtain their refund inside 21 days of acceptance once they e-file with direct deposit if there are not any points with their tax return. 

Underneath the Defending Individuals from Tax Hikes (PATH) Act, signed into regulation in December 2015, the IRS can’t difficulty refunds that embrace Earned Earnings Tax Credit score (EITC) and Extra Baby Tax Credit score (ACTC) earlier than mid-February.

The PATH Act, which applies to all tax preparation strategies, is meant to assist detect and forestall tax fraud. The prolonged refund launch additionally provides the IRS extra time to make sure taxpayers are correctly claiming the credit, in order that they get the refund they’re owed.

When you’ve got questions in regards to the processing of your tax refund, the IRS “The place’s My Refund?” web page is the most effective place to get customized refund info if you want it.

For extra info on the PATH Act and different tax legal guidelines, test again right here with the TurboTax weblog.


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