Tax Season Will Open As Planned Following Extenders Legislation

Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January.

The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time.

The decision follows Congress renewing a number of “extender” provisions of the tax law that expired at the end of 2013. These provisions were renewed by Congress through the end of 2014. The final legislation was signed into law Dec 19, 2014.

“We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” IRS Commissioner John Koskinen. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”

The IRS reminds taxpayers that filing electronically is the most accurate way to file a tax return and the fastest way to get a refund. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin. In addition, professional tax preparers who prepare more than 10 tax returns per season are required to file returns electronically.

Be sure to keep an eye on your mailbox for all of the important tax documents that start heading your way by January: W-2s, 1099s, brokerage statements, and new this year, Form 1094-A, if you received Premium Tax Credits for enrolling in health insurance coverage through the Health Insurance Marketplace. Also, keep in mind all of the forms you may be receiving– if you file without particular information, you may have to file an amended return later.

This will be one of the first tax seasons without delays since the 2012 fiscal cliff issue delayed filing in early 2013. Here’s to what will hopefully be a smooth tax season!

 

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