The Internal Revenue Service announced that the 2017 tax filing season will begin on January 23, Monday. Filing Electronic and paper tax returns and will be accepted on the said date and will be due on April 18, Tuesday. Expect efiling companies and tax preparers that they’ll accept tax returns prior the opening of the tax season and will file as soon as the IRS system opens. The IRS anticipates 4 out of 5 tax returns will be filed electronically using tax preparation software.
Taxpayers are also advised that claiming refunds may take longer than usual. A new law inhibits the IRS to release refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. It will take longer days to release refunds and process through financial institutions.
The tax agency advised people: “Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.”
The filing deadline is moved to April 18, Tuesday from the traditional April 15 deadline. The 15th falls on Saturday which requires the deadline to be moved on the following Monday, that is April 17. However, that Monday is the Emancipation day, a legal holiday in the District of Columbia. Tax law states that any legal holidays in the District of Columbia affect tax filing deadline across the nation.