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US Filing Season Starts January 29, 2018

by Mike Godfrey, Tax-News.com, Washington

05 January 2018


The Internal Revenue Service (IRS) has announced that the US tax season will begin on January 29, 2018, and sought to remind taxpayers claiming certain tax credits that refunds won't be available before late February.

The IRS will begin accepting tax returns on January 29, with nearly 155 million individual tax returns expected in 2018. The filing deadline to submit 2017 tax returns is April 17, 2018, rather than the traditional April 15 date, giving taxpayers two additional days to file.

Many software companies and tax professionals are likely to accept tax returns before January 29 and will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns on January 29, paper returns will begin processing later in mid-February as system updates continue. The IRS said, therefore, that taxpayers are strongly encouraged to file their tax returns electronically to receive faster refunds.

The IRS anticipates issuing more than 9 out of 10 refunds in fewer than 21 days. However, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February and expects the earliest related refunds to arrive by February 27.

The IRS said taxpayers should keep copies of their prior-year tax returns for at least three years. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically, it said. Taxpayers who are using the same tax software they used last year will not need to enter prior-year information to electronically sign their 2017 tax return. The IRS noted that using an electronic filing PIN is no longer an option.

TAGS: tax | law | tax credits | Internal Revenue Service (IRS) | professionals | United States | Tax

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