40 Million Families Affected by IRS delays on 2016 Taxes

IRS form 1040In an effort to fight identity theft and fraud, the Associated Press reports that the IRS will be delaying refunds on tax returns that include the Earned Income Tax Credit and Child Tax Credit. These two credits are often used by tax-return fraudsters. Low income families who come to depend on their tax refund for critical purchases will have to wait. It is estimated that over 40 million families will be affected by this delay.

The IRS begins accepting tax returns as early as January 23rd. Refunds are expected to arrive by February 15th at the earliest. The delay is expected to last throughout the tax season, so if you depend on the money from your tax return, it is still wise to file early. There are tax firms like H&R Block who will give customers a no-interest loan on their refund so they do not have to wait that long for some of it.