Given the impact of the pandemic, the IRS announces the nation’s tax season will begin on Friday, February 12, 2021, when the agency will begin accepting and processing 2020 tax year returns. The deadline for filing 2020 tax returns remains April 15.
Pushing the date to February gives the IRS additional time for programming and testing of the IRS systems following the December 27 signing of the Consolidated Appropriations Act which provides Economic Impact Payments and other benefits to individuals and businesses.
We offer a few hints to make this tax season easier for you:
- If you are eligible for stimulus payments, carefully review the guidelines under the Recovery Rebate Credit (click here to learn more on the IRS website.)
- Advance stimulus payments received separately are not taxable, and won’t reduce the taxpayer’s refund when they file in 2021
- File your return electronically and request any refunds be paid via direct deposit
- Check IRS.gov for current updates and bulletins
If you have questions about your tax situation, please contact your Mize CPAs tax professional.