Tax-return delay could hurt low-income families

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas.

The IRS announced it will hold refunds for tax payers claiming the Earned Income tax credit or additional child tax credit until February 15 to give the agency more time to detect fraud. Refundable means even if you didn't have any federal income tax withheld on wages earned, you could still get a refund.

This year's tax filing season already has started for some taxpayers who didn't have to wait for the paper income tax return forms and instructions.

Tax identity fraud occurs when someone uses your Social Security number to file a tax return in your name, before you file in order to steal your refund.

Since June 2014, state tax officials say they have blocked more than $500 million in fraudulent tax refunds. The maximum EIC amount for tax year 2016 is $6,269 for joint filers with three or more qualifying children, and that number will rise to $6,318 in 2017 (next year's return).

Continue the discussion on Bloomberg BNA's State Tax Group on LinkedIn: Will the benefits of delaying income tax refunds outweigh the resultant economic hardships felt by affected taxpayers?

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Beshear and his Office of Senior Protection and Mediation recommends these tips from fraud.org to help Kentucky families avoid falling victim to tax-related identity theft. Eligibility also depends on family size, but single workers without a qualifying child who earn under $20,430 may qualify for a smaller credit. Directing your refund to a bank account that's not yours is another red flag.

"The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief".

Once the tax preparer opens the malware-laden attachment and effectively compromises his or her own PC, the bad guys then use the compromised PC to hit clients with spoofed emails purportedly from the tax preparer. As we noted in a recent blog post malicious actors are now going after tax preparers in order to exploit their accounts to gain access to clients' tax and financial data which can then be used to file fake tax returns and claim those clients' tax refunds.

The IRS says that working with states and the tax industry, ID thefts were cut in half past year.

According to the release, the campaign will result in more than 30 locations across Detroit to provide better access to tax preparation.

In addition to making sure Marylanders owed a tax credit claim it, Baltimore CASH Campaign works to improve taxpayers' financial literacy, said Johnson, the program director. Or download the IRS2Go app on a smart phone. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return. The Choosing a Tax Professional page has information about tax preparer credentials and qualifications. Finalize your payroll reports and issue W-2 forms for your employees no later than January 31.

  • Ronnie Bowen