New law changes tax refund date - KSWO 7News | Breaking News, Weather and Sports

New law changes tax refund date

[Source KSWO] [Source KSWO]

LAWTON, OK (KSWO)- Tax season would normally be right around the corner but, this year many may experience some delays in receiving their refund checks.

Congress passed a new tax law called the PATH Act which will require the IRS to hold entire refunds of taxpayers until at least February 15th.


However, many taxpayers may not see those funds deposited into their bank accounts until the week of February 27th.
 

The act was enacted by congress in 2015 to protect Americans against tax increases.

They hope to reduce fraud within the IRS by verifying that those that are claiming refunds are eligible to receive them.

Despite the sudden change many taxpayers must get on board with delays on their refund checks.
 

Justin Martin, the owner of Liberty Tax Service, says he recognizes some taxpayers will have a hard time with the delay even if it is to eliminate fraud.

"It doesn't matter where they file their taxes or how they file them, whether it's online or they do it themselves millions of Americans are going to be affected by this,” said Martin. “We are at a time of year where everybody needs that money back especially after the holidays so, it’s going to be a struggle for some people."

Depending on when taxes are filed will determine what date people will receive their refund, typically up to 21 days after they file.

Martin still encourages taxpayers to file as they normally would prevent what he believes will be the biggest issue on February 15th.

“There may be longer wait times at the banks with the influx of people that go into the banks,” said Martin. "Hopefully, the banks can support the amount of money of the checks being cashed on those days"
 
Prior to the new refund date, Martin expects Liberty Tax Service to be flooded with people who have concerns and questions so he encourages them to come in.

"Once you have your W2s available or even if you want to come in now and get consultation on how this will affect you, come in now with your questions that way you're not behind in the game," said Martin.

For more information on the Path Act and changes for this year visit https://www.irs.gov/.

Copyright 2016 KSWO. All rights reserved.

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