IRS NEWS YOU MAY NEED TO KNOW NOW!

The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.

“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said. “People should make sure they have their year-end tax statements in hand, and we encourage people to file as they normally would, including those claiming the credits affected by the refund delay. Even with these significant changes, IRS employees and the entire tax community will be working hard to make this a smooth filing season for taxpayers.”

The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option. Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return.

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  • Most advances approved within hours of IRS acceptance *
  • Receive Your Money on a Green Dot Card or Via a Cashier’s Check
  • Available January 23 thru February 28, 2017

* Cash advance is NOT determined on your personal credit history.

Things that CAN AFFECT acceptance are owing federal, state, debts, such as:

  • Student Loans
  • Child Support
  • Social Security
  • Veteran’s Administration
  • Any Other Government Delinquent Debt

You can call Offsets at 800-304-3107 to check for any possible offsets.
In addition, the Bank may have other criteria that can affect their determination.
A request of a “Cash Advance” is not guaranteed. In 2016 we had a very high approval rate.

No determination is made by Flash Tax. We only provide the service.

Call 859-431-5750 for more details, schedule an appointment, or schedule an appointment via our web site.

Check out our “News Blog” for information on extended delays on refunds for 2016 tax year. IRS promises refunds not released until after February 15 or later for most returns.

Income Tax Season is Here!

Here are some tips for keeping organized and ready for the 2016 tax season.

  1. Organize Receipts – Organize your receipts by expense.  Taking the time to do it weekly will save you having to set aside time to cover the living room floor with a box of unsorted receipts.
  2. Keep a Mileage Log – There are many ways to keep a mileage log. Please call us and we will help you design a easy system for you.  Many in-vehicle GPS devices will do this for you.  They are relative affordable now.
  3. Bring With You – All supporting documents, such as W-2’s, 1099’s, mortgage interest statements, interest and/or dividend earned statements, etc.  Bring your driver license or photo ID, social security cards for everyone who will be on the return.
  4. We may request documents such as birth certificates, school records, leases or rental agreements, medical records, etc. for dependents. We may also request documentation of income and expenses for those who are self employed via documents such as bank statements, credit card statements, receipts, 1099’s etc.
  5. W-2 Download – If your W-2 is available for download, please have the necessary information needed so that we can download it for you.
  6. Refunds – Have your tax refund deposited to a re-loadable Master/Visa Card, deposited directly to your checking or savings account or receive a check in our office.
  7. Payments – Pay your taxes and choose your date of payment online, or by telephone and have the amount deducted from your checking or savings account or charged to your credit card or you can mail in your payment at one time, monthly, or how you can afford.