IRS Delays Start Of Tax Filing Season To February 12

Usually, the tax filing start date is at the end of January, but the IRS says it will start on February 12.

The 12th is when the agency will start to accept 2020 tax returns, CNBC News reports.

The delay is due to the coronavirus pandemic since the agency needs more time to prepare after the COVID relief act that was set in place in December. Regardless of the delayed start, the deadline to file is still April 15.

“If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,” the IRS said in its announcement.

“These changes ensure that eligible people will receive any remaining stimulus money as a recovery rebate credit when they file their return,” the agency added. Those who didn’t receive their full stimulus payment are entitled to the new recovery rebate credit.

“While I am disappointed that this year’s filing season will begin later than usual, I recognize that the IRS has faced extraordinary challenges throughout the COVID crisis,” said 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 continued.

The agency suggests that taxpayers submit their returns via electronic means and use the direct deposit option as soon as they are ready to file.

Early filers who claim certain tax credits can receive their tax refunds by early March, which would be the same if the agency opened up its operations in January.

Those who get earned income tax credit or additional child tax credits can also see a refund in the first week of March if they file electronically and have no issues.

Typically the turnaround time for refunds is 21 days.