TAX SEASON WIL BEGIN!!!!!!!!
by CDoris Rodriguez on 12/12/16
The Internal Revenue Service said Friday that next tax season
will begin on Monday,
Jan. 23, 2017, while warning some taxpayers to expect longer waits for their
tax
refunds. The tax day deadline will be April 18.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The IRS said it would start accepting
electronic tax returns on January 23 and it
anticipates more than 153 million individual tax returns to be filed next year.
The IRS believes more than four out of five tax returns will be prepared
electronically
using tax preparation software, as was the case last year.
However, even with the January 23 start date, the IRS also pointed out that
many
software companies and tax professionals will begin accepting tax returns
before
that date and then they'll submit the returns when the IRS's systems open. The
IRS
will also start processing paper tax returns on January 23. The IRS noted there
is no advantage to filing tax returns on paper in early January instead of
waiting
until January 23 for the IRS to begin accepting e-filed returns.
The IRS also reminded taxpayers that a new law will require the agency to hold
back
tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax
Credit
until February 15. The IRS wishes taxpayers to be aware it will
take several days
for these tax refunds to be released and processed through financial
institutions.
Factoring in weekends and the President's Day holiday, the IRS is warning many
affected
taxpayers may not have actual access
to their tax refunds until the week of February
27.
"For this tax season, it's more important than ever for taxpayers
to plan ahead,"
IRS Commissioner John Koskinen said in a statement. "People should make
sure they
have their year-end tax statements in hand, and we encourage people to file as
they
normally would, including those claiming the credits affected by the refund
delay.
Even with these significant changes, IRS employees and the entire tax community
will be working hard to make this a smooth filing season for taxpayers."
The Internal Revenue Service said Friday that next tax season
will begin on Monday,
Jan. 23, 2017, while warning some taxpayers to expect longer waits for their
tax
refunds. The tax day deadline will be April 18.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The IRS said it would start accepting
electronic tax returns on January 23 and it
anticipates more than 153 million individual tax returns to be filed next year.
The IRS believes more than four out of five tax returns will be prepared
electronically
using tax preparation software, as was the case last year.
However, even with the January 23 start date, the IRS also pointed out that
many
software companies and tax professionals will begin accepting tax returns
before
that date and then they'll submit the returns when the IRS's systems open. The
IRS
will also start processing paper tax returns on January 23. The IRS noted there
is no advantage to filing tax returns on paper in early January instead of
waiting
until January 23 for the IRS to begin accepting e-filed returns.
The IRS also reminded taxpayers that a new law will require the agency to hold
back
tax refunds claiming the Earned Income Tax Credit and the Additional Child Tax
Credit
until February 15. The IRS wishes taxpayers to be aware it will
take several days
for these tax refunds to be released and processed through financial
institutions.
Factoring in weekends and the President's Day holiday, the IRS is warning many
affected
taxpayers may not have actual access
to their tax refunds until the week of February
27.
"For this tax season, it's more important than ever for taxpayers
to plan ahead,"
IRS Commissioner John Koskinen said in a statement. "People should make
sure they
have their year-end tax statements in hand, and we encourage people to file as
they
normally would, including those claiming the credits affected by the refund
delay.
Even with these significant changes, IRS employees and the entire tax community
will be working hard to make this a smooth filing season for taxpayers."