Money
Late Start for IRS: Tax Season Will Begin February 12th
Yes. You read that right. The IRS 2021 tax season will begin to process tax returns on February 12th, 2021. Last year, the IRS began accepting returns in mid to late January.
Tax filing season will officially begin on February 12, later than usual https://t.co/N6MGxTkMBH by @denitsa_tsekova pic.twitter.com/zp2iIfxsVv
— Yahoo Finance (@YahooFinance) January 15, 2021
Why is the IRS behind?
The IRS said that additional programming and testing various systems is the reason for the late start to the 2021 tax season. The February start will ensure that no delays will happen for issuing refunds. The accommodation of the stimulus package law change is another reason for the late start. This law includes a second round of stimulus checks and other benefits. What is Biden doing about taxes?
IRS states that, “This programming work is critical to ensuing IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers.”
What Does This Mean For Your Return
If you have not received your stimulus or remaining stimulus money, what does this mean for you? Eligible people will receive their money as a Recovery Rebate Credit when they file their 2020 returns.
Are you eligible?
The IRS would like taxpayers to file electronically with direct deposit. Check out the IRS program that will offer free tax preparation to anyone whose adjusted gross income was $72,000 or less in 2020.
⭐️ If you made $72K or less in 2020, you can do your taxes now with #IRSFreeFile. The software will submit your taxes once #IRS officially starts the filing season. https://t.co/lk90IPk8yk pic.twitter.com/EuLAMO6xul
— IRSnews (@IRSnews) January 15, 2021
The IRS agency states that, “All tax returns will be sent to the IRS beginning on February 12th, 2021.”
More information to come.
