Tax season isn’t just big business for accountants; scammers are cashing in too. The best way you can protect your return from fraudsters is to beat them to it and file your return ASAP.
For years scammers have been filing and collecting on returns using stolen identities. This year the IRS announced is trying to combat the issue by delaying refunds for more than 40 million people so it take more time to screen returns. The change will affect families claiming the earned income tax credit and the additional child tax credit.
Tax filing season started January 23. Returns for people claiming the above credit will be delayed until February 15. It’s expected processing time will delay refunds until the end of February.