- Filing for the 2020 tax season will not open until February 12
- How will this affect refunds?
- What can taxpayers do to get a head start over this hurdle?
As if last year’s never-ending tax season wasn’t enough… the IRS has thrown another hurdle on the track for tax preparers as we head into the first leg of a long filing year.
The IRS has just announced that all paper and electronic filing for the 2020 tax season will open on Friday, February 12, 2021.
IRS Commissioner Chuck Rettig said Friday: “Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time. 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.”
With several new provisions coming into play from the CAA (like stimulus checks and PPP loans), the IRS needs extra time to process and prepare for the tax season ahead.
For most taxpayers, this should not be a cause for concern. Tax preparers, on the other hand, have a reason to be cautious going into this tax season. With a later start to tax return filing may come a later end to the filing season. Accountants everywhere (and certainly ours at DSJ) have their fingers crossed that the standard April 15th deadline will remain in play this year, despite the ongoing pandemic.
The only major change that taxpayers should be aware of is the new filing start date: February 12th. No returns can be filed earlier than this date. For those who are used to filing early will have to wait until the start date.
Early correspondence with your accountant remains the best way to ensure quicker access to possible refunds from your tax return.
While filing is delayed, it’s not too early to begin the tax process with your accountant. The earlier you can share your tax documents and information with your accountant, the better prepared we’ll be to handle your returns in a timely manner, despite this delay.
Questions? Call our office at 516-541-6549 and visit our website to learn more.
Sincerely,
Devin McQuillan
Associate, Creative Solutions
Contact:
516-541-6549 | Email