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Some Tax Refunds May be Delayed in the Upcoming Tax Season in 2017

Starting in 2017 there is a new law that requires the IRS to hold refunds on tax returns with certain tax credits. Those credits are the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS needs to hold the entire refund until at least February 15th. This means if you have these two credits you will not receive your refund until at least February 15th even if you file your return early in the season. This extra time allows the agency to help detect and prevent fraud.

Please consult your tax advisor on all the above information.

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