The PATH Act and how it may affect you:
On December 18, 2015, President Obama signed the "Protecting Americans From Tax Hikes Act of 2015" (the "PATH Act") into law. Intended to combat the growing problem of identity theft, the PATH Act included a “program integrity” section that dealt with the Earned Income Credit (EIC), and the Additional Child Tax Credit (ACTC).
Refunds for Federal returns that claim EIC will not be released before February 15.
The integrity provision of the PATH Act will have the greatest impact on people that claim EIC. The IRS will not be allowed to release refunds for returns that claim EIC or the Additional Child Tax Credit before February 15. In fact, we do not expect the IRS to release affected refunds until at least February 20. People who file in early January will be in for quite a wait!
Easy Advance* - Fast access to your refund money.
Tax Pros offers an Easy Advance from $500 to $6,000 during the months of January and February. Simply bring your W-2 forms, photo ID, and all of your tax information to Tax Pros beginning January 2nd. The Easy Advance is applied for when we file your taxes, and approved advances are usually available the same day you apply.
• To be eligible for the $6,000 loan amount, your expected Federal refund less authorized fees must be at least $7,000.An Easy Advance (EA) is a loan secured by and paid back with your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. Loan options are based on your expected Federal refund less authorized fees. If approved for an EA, a Finance Charge will apply. Loan is subject to underwriting and approval. EA proceeds are typically available within 24 hours of IRS acceptance of tax return or within 24 hours for those filing before the IRS start date; however, if direct deposit is selected, it may take additional time for your financial institution to post the funds to your account. Visit your tax preparer to learn about the cost and timing of all filing and product options. Valid Jan. 3-Feb. 28, 2020
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