IRS DELAYING FILING UNTIL FEBRUARY TWELVE

IRS delaying filing until February twelve. The IRS is delaying the start of the 2020 tax filing season to February 12, according to an announcement from the agency. On that date, the IRS will start accepting and processing last year’s tax returns. Normally, the agency opens tax season in late January. “While I am disappointed that this year’s filing seasons will begin later than usual, I recognize that the IRS has faced extraordinary challenges throughout the COVID crisis,” House Ways and Means Committee Chairman Richard Neal, D-Mass. “It’s a relief to know that despite contending with the distribution of two rounds of economic impact payments, facility closures and other disruptions, the agency will be able to begin accepting returns within the next month,” he said. The IRS is recommending that taxpayers submit their returns electronically and use direct deposit as soon as they’re ready. IRS delaying filing until february twelve. Most taxpayers who owe taxes and need tax resolution services should consult with a tax professional, even though the IRS is delaying the tax filing season.

Refunds in march for some. Early filers who claim certain tax credits will be waiting until the first week of march to get their much needed refund. The IRS said this would still be the case if the filing season opened in late January. Low income taxpayers who receive the earned income tax credit or the additional child tax credit generally can’t receive a refund before mid-February. That’s because an anti-fraud law requires the IRS to use the additional time to review those returns to prevent refunds form issued to scammers. The agency expects filers who claim the earned income and additional child tax credits will collect their refunds the first week of March–assuming they file electronically and there are no issues with their returns. Having your return flagged by the IRS can result in significant delays. Last year, the IRS fraud filters caught 5.2 million returns that were claiming refunds, according to a recent report from the Taxpayer Advocate Service, an IRS watchdog. For about a quarter of those returns flagged for income verification, refunds took longer than 56 days.