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Individual Tax

Individual Return Filing Season Will Start on February 12, 2021

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

In a News Release, IRS has announced that tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 individual income tax year returns. It also provided additional filing season date information.

IRS said that the February 12 start date for individual tax return filers allows IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. These groups are starting to accept tax returns now, and the returns will be transmitted to IRS starting February 12.

Overall, IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return.

Filers who claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. (Code Sec. 6402(m))

February 22 is the projected date for the IRS’s Where’s My Refund tool being updated for those claiming EITC and ACTC.

IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns.

To continue your research on filing season information, see FTC 2d/FIN ¶ S-4700….

 

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