IRS Announces Delay in Beginning of Tax-Filing Season

WASHINGTON, DC – In 2021, one thing is certain: taxes.

According to the Internal Revenue Service (IRS), the nation’s tax season will begin on Friday, February 12, 2021, and will allow the IRS time to complete testing of internal systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

The changes ensure that those who are eligible will receive any remaining stimulus money as a Recovery Rebate Credit when filing their 2020 tax return.

“Planning for the nation’s filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time,” said IRS Commissioner Chuck Rettig.

Last year’s average tax refund was more than $2,500 and more than 150 million tax returns are expected to be filed this year, with the vast majority before the April 15 deadline.

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

The IRS does note that advance stimulus payments received separately are not taxable, and will not reduce the taxpayer’s refund when filing in 2021.
(SOURCE: All Ag News)