*EITC Update* The IRS Choses Identity Protection Over Speed
Not only has the IRS announced that they will not be releasing a funding cycle, they will also only tell callers, requesting refund dates, that they should see their refund within 23 days.
The IRS has been fighting with itself over maintaining it’s two main goals: Identity protection and the quick disbursement of refunds. Well, the balance of power has shifted and no longer will the IRS hold quick disbursements of refunds to the same level of importance as identity protection.
“Incoming Transactions” have been stated at a thing with no definition. It is surmisable that “incoming transactions” include such instances as differences in dependents from year to year, different schedule C professions, different locations (in some cases) which will trigger further investigation into the appropriateness of the credits claimed and refund requested.
If you missed the last post, it is estimated that 30% of refunds claiming EITC will go through a 75 day review period.
This tax season is going to be a bloodbath.
Posted: December 20, 2012