2016 Tax Updates
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When will you receive your refund?
The answer depends on how you filed your return.
If you e-file, your federal refund should be direct deposited within two to four weeks. Your state refund should be about a week later.
If you file a paper return, the IRS should issue your refund check within six to eight weeks. The state will be approximately the same time frame.
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* The tax filing deadline this year is April 18th. The regular tax return filing deadline is April 15. However, due to April 15 being on a Saturday and the Washington D.C. Emancipation Day holiday being observed on Monday, April 17th instead of April 16, 2017, Tax Day is on the following Tuesday.
* With the change of president, there will probably be some additional changes in the tax code. We will not conjecture what those changes will look like but will post the actual changes as they become law.
* In the past, C corporate returns were due March 15th. They will be due April 15th in the future. In the past, partnership returns were due April 15th but now they are due March 15th.
* The IRS is strengthening their efforts to thwart fraudulent tax filers. This year, the IRS will start processing tax returns containing Earned Income Credit on February 15th to allow more time to verify the returns. Last year, information from your driver’s license was requested and this will continue. This year, the IRS met with a number of the large payroll providers and devised a verification code that will be a part of some people’s W-2 in a further effort to slow the wave of fraudulent tax returns being filed.
* For 2016 income tax returns, we will offer the opportunity for you to sign your e-file authorization form on-line. When we notify you that your return is ready for signing, you will be asked a series of three questions devised by the IRS to verify your identity. As tax preparers, we will not have access to the questions being asked and will not know your answers. These questions will come from public information that only the true tax filer would know. In addition, the filing deadlines for W-2’s and 1099’s is now January 31 so the IRS will have a better opportunity to verify the validity of the W-2.
* Not an update, but you should hold all the info that appears on your tax return for 7 years from the due date. For example, the 2008 returns were due April 15, 2009 so you can shred those returns and the supporting documents now. For the 2009 returns which were due April 15, 2010, you would have to wait until April 15, 2017 to discard.