IRS Releases Fact Sheet on Significant 2016 Tax Changes

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Posted by Kim Chen on January 17th, 2017

The IRS has released a fact sheet that highlights some of the important changes affecting the upcoming tax season. Among other things, the IRS reminds individual taxpayers that they have three extra days to file and pay their 2016 taxes (until Tuesday, 4/18/17). In addition, many early filers will not have access to tax refunds until the week of February 27 due to a law change requiring the IRS to hold refunds on returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). The fact sheet also discusses ITIN renewals, the new self-certification process for missing the IRA rollover deadline, and the new deadline for reporting foreign accounts. The fact sheet can be accessed at www.irs.gov/uac/newsroom/2016-tax-changes . Fact Sheet 2017-1.