Tax season has started and April is just around the corner so My Personal CPA want to take a first look at your taxes. Remember this year refunds will be delayed for some taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) due to a new law called the PATH Act. IRS will begin releasing refunds on Feb. 15 but many may not have access to their refunds until Feb. 27.
Also, there’s a new deadline for reporting foreign accounts. The deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is now the same as for the federal income tax return which is Apr 18 this year.