New Internal Revenue Service (IRS) regulations could delay tax returns to millions of middle- and low-income tax payers until at least mid-February regardless of early filing.
Last year, Congress passed the Protecting Americans from Tax Hikes Act. The law which went into effect Jan. 1 requires any tax return filed claiming Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) be withheld until at least Feb. 15.
According to LegalZoom’s website that means tax payers accustomed to an average $3,000 payout to jump-start the new year will have to wait. Based on irs.gov statistics from 2014, 48 million Americans will be affected.
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