With their W-2s in hand, really conscientious employees have already made a dent in their 2016 taxes. Others will start soon. Employees may naturally turn to you with tax refund questions (after all, you don’t charge for answers, like their accountants do).
These early filers may be anxious to get details about their tax refunds. Misunderstandings and speculation about refunds proliferate on social media and the web.
Let’s do some tax refund myth busting.
Myth 1: All refunds are delayed
Nope. While more than 90% of federal tax refunds are issued in the normal time frame—fewer than 21 days—it’s true some refunds will be delayed. Legislation passed in 2015 requires the IRS to hold refunds for tax returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until about now—mid-February.
Other returns may require additional review for a variety of reasons and take longer. (Don’t forget to sign y...(register to read more)