Can 8850 Form Refunds 2016-2023

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Music hey I'm Joe and I'm Karen and we're with M&M Income Tax Service and we're back with another tax topic or tax tip and hopefully it's gonna answer one of your questions today well Karen what's our topic today why is the IRS holding my refund until after February 15th if I claim my children whoa why they were held until after February 15th Karen I can remember when they used to release them in January and the last couple of years yeah they have actually been holding them and you know why they're actually required to hold on Karen no jive tell us why it's the law so Karen here's here's a statement from the IRS so let's go ahead and go over this as we actually make this what we call part of our disk manual so if you have questions on why they're holding it up you can actually see that so basically the IRS was holding refunds until February 15th or later when you claimed children on your tax return that's a new federal law that went into effect in 2023 absolutely that we call that the path act but again it is law in Section 201 of this new law mandates that no credit or refund for an overpayment for a taxable year shall be made to a taxpayer before February 15th if the taxpayer claimed what Karen earned income credit or additional child tax credit on the tax return absolutely in both the Earned Income Credit and the additional child tax credit or related to children most of the time so that's why it's if you claim children on a tax return you can't get that refund till after February 15th but some of the key points our taxpayers should file and submit...