The IRS has announced that filing season will officially begin on Monday, January 29th.
The final tax deadline for accepting returns this year will be Tuesday, April 17. (April 16 is Emancipation Day, a legal holiday in Washington, D.C.). The IRS expects nearly 155 million individual returns to be filed in 2018.
In 2017, the IRS began accepting returns on January 23. They set the date at January 29 this year to ensure that their key processing systems are ready, and to allow time to determine how late December’s Tax Cuts and Jobs Act will impact tax returns.
Tax professionals and software companies can begin preparing returns before January 29 and then submit the returns when the IRS systems open. Although the IRS will begin accepting both electronic and paper returns on January 29, paper returns will start to be processed later in mid-February as system updates continue.
The IRS said that it expects to issue more than 90 percent of refunds in less than three weeks, but did note that it legally cannot issue refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit before mid-February.
We hope this information has been helpful to you. If you wish to discuss your particular tax filing situation, please contact your Whalen & Company representative.