Important changes you need to know for 2017 tax filing season

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For 2017, early filers may see a slight postponement in their refund check. As per the IRS, the Protecting Americans from Tax Hikes (PATH) Act orders the IRS hold discounts on government forms asserting the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).

Subsequently, the IRS will begin to discharge discounts on Feb. 15, 2017, which implies the cash won’t touch base in your financial balance or on your platinum card until the week of Feb. 27. Remember that money related organizations don’t handle installments on ends of the week or occasions. The postponement may be badly designed, yet it gives the IRS more opportunity to identify and anticipate impose misrepresentation.

Standard Deduction

The standard deduction for heads of family unit bounced $50 to $9,300 for the 2016 expense year. The other standard derivations will remain the same as they were for 2015, $6,300 for singles and wedded couples documenting separate returns, and $12,600 for wedded couples recording mutually.

W-2 check code

In another push to battle impose related wholesale fraud, the IRS is extending its program to confirm data on W-2 shapes. To do this, the assessment office has put check codes on almost 50 million W-2 shapes that will be conveyed amid expense season, up from 2 million in 2016.

The 16-digit code will show up in a different, named box and assessment preparers will be given the accompanying brief:

“Check Code”: If this field is populated, enter this code when it is asked for by your assessment form planning programming. It is conceivable your product or preparer won’t ask for the code. The code is not entered on paper-documented returns.”

Taking after these guidelines helps the IRS approve that the arrival is genuine. In any case, don’t stress, rounding out the check code erroneously won’t negatively affect you? The IRS guarantees that government forms with precluded and off base W-2 Verification Codes won’t postpone the preparing of an assessment form. Additional literature.