The IRS is Going to Delay the Start of Tax Filing Season
It's not uncommon to hear about tax filing extensions, but this year, we are actually getting a delay for when they will begin processing returns.
If you've already begun to decide how you're going to spend that tax return this year, you might want to hold off for a minute.
At this time of year, people are usually getting their paperwork in order and if they haven't already, they're making appointments with the people that prepare their taxes. But according to WKBW, the IRS isn't going to begin processing and filing returns until February 12th.
The reason for the delay is the second round of stimulus checks that got passed on December 27th. Those checks required tax laws to change and because of those changes, the IRS is looking for a little extra time to do additional programming and testing of their systems.
"These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return." - Statement by the IRS
However, it doesn't mean that you shouldn't start filing your returns now. They actually encourage people to file them electronically and use direct deposit so that you will get your money back as quickly as possible. They also say that you can still use electronic tax software and those returns will then be transmitted to the IRS starting on February 12th.
"Given the pandemic, this is one of the nation's most important filing seasons ever. This start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible." - IRS Commissioner Chuck Rettig
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