PATH ACT New Federal Tax Law that will Affect millions of tax refunds in 2017.
The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season.
This action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted Dec. 18, 2015, and made several changes to the tax law to benefit taxpayers and their families. Section 201 of this new law mandates that no credit or refund for an over payment for a taxable year shall be made to a taxpayer before Feb. 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.
This change begins Jan. 1, 2017, and may affect some returns filed early in 2017. Additional information is listed below.
To comply with the law, the IRS will hold the refunds on EITC and ACTC-related returns until Feb. 15.
This allows additional time to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC
The IRS still expects to issue most refunds in less than 21 days, though IRS will hold refunds for EITC and ACTC-related tax returns filed early in 2017 until Feb. 15 and then begin issuing them.
MKG Money Service Business intends to offer Alternative Lending Solutions Title, Auto Loans, Cash Advances & Tax Refund Accepted Loans starting from $100-$1,200.
- MKG Tax Refund Accepted Loans is now available with your last paycheck stub.
- 2017 Tax Filing Season Begins Jan. 23
- Up to $1,200 Tax Refund Accepted Loans interest and finance charges may apply
MKG Money Service Business is pleased to offer before the 2017 tax season Title, Auto Loans, Payday Advances, Tax Refund Secured Loans starting at $100-$2,510. MKG Tax Consultants is also offering everyone who comes into file or refers a friend $50 to $100 Cash valid only with W2.
MKG Money Service Business, Tax Refund Accepted Loans (T-RAL’S) is tax-refund related loan provided by MKG Money Service Business , a division of MKG Enterprises Corp. (it is not the actual tax refund). The amount of the advance will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. Tax returns may be filed electronically without applying for this loan.
Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. Choose from $100 to $2,510 dollar loans. California loans are made pursuant to MKG Money Service Business, Cash Advance Short Term Repayment Option Lender California Department of Business Oversight Finance Lenders Law License 60DBO-45224 and Deferred Deposit Transaction Law License 10DBO-45772