The IRS will begin accepting individual returns for the 2018 Tax Filing Season on January 29th. The deadline falls on Tuesday, April 17th this year due to Washington D.C. observing a holiday (Emancipation Day).
The IRS moved the opening date back more than a week this year to “ensure the security and readiness of key tax processing systems and to assess the potential impact of tax legislation on 2017 tax returns”.
The agency is strongly urging people to file their returns electronically for faster refunds. In most cases, it takes approximately three weeks for direct deposit funds to show up in bank accounts.
Although paper returns will be accepted on the 29th, the IRS will not begin processing them until mid-February due to “continued system updates”.
Taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) will have to wait until at least February 27th for electronic refunds to be available in bank accounts or debit cards. Under the law, the IRS can process the returns when received, but can’t issue the refunds before mid-February.
The IRS will begin accepting Business returns on January 8, 2017.
For more information contact your MarksNelson professional at 816-743-7700.