Locals react to new IRS adjustment - Newschannel 6 Now | Wichita Falls, TX

Locals react to new IRS adjustment

A new tax reform released by the IRS could effect when you get your return.

It effects people that are a part of the Earned Income Tax Credit program.

The IRS made this rule after noticing there was a lot of tax fraud in this program in past years.

“If you qualify for earned income credit or the additional child tax credit, you will not be getting your refund until after February 15, no matter when you file,” said Genevieve Anderson, a Certified Acceptance Agent with the United Way Free Tax Prep Program.

That leaves people like Tate Scott, a young mother who falls under this category more than concerned and scrambling for what to do next.
I get that there are certain things that they actually have to deeply look into, said Scott.  Some people actually kind of rely on that especially when they have kids because you normally get behind on almost everything.

For those who qualify, getting these returns three weeks later could lead them to look at other options like refund loans. 

Anderson urges everyone to think twice.

Refund loans concern me because if you're not able to pay that back to something else then you've got a really high interest rate, said Anderson.  You've could have waited three weeks and got your money then.

Even though Scott is being smart about her return, she knows where her return will go.

I try not to make plans on money I don't have, said Scott.  First things first rent needs to be paid and baby needs stuff so that is always the first thing that goes.

There are a few things that Anderson recommends you do if youre waiting for your return.

The sooner you get it filed you're in the line of everybody else to get pushed on through on February 15, said Anderson.  Don't spend it before you get it.  Ever, no matter when or how.

Anderson said it could be less than a 3 week delay, but said everyone should be prepared for the worst case scenario.

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