In an effort to shore up its system and detect and prevent identity theft and fraud, the Internal Revenue Service (IRS) will be delaying the refunds of over 40 million low-income families this year.
A congressional mandate, set to begin this tax season, is requiring the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until mid-February. According to the IRS, this change is being instituted in an effort to help ensure that taxpayers get the refund they are owed by giving the agency more time to help detect and prevent fraud. Read more.
Featured image by DonkeyHotey on Flickr