According to the IRS, tax-filing seasons starts Jan. 20
According to a statement made by the IRS yesterday, taxpayers can being filing their taxes 2014 returns on Jan. 20.
In spite of a last-minute tax law that as passed by Congress and and signed by President Obama, tax-filing season will begin on time.
Early in December, a bill was passed by Congress that extended more than 50 tax breaks that expired at the beginning of the year. This law has extended these tax breaks through the year’s end, making it possible for people to claim these on their taxes 2014 returns. This bill was signed into law by President Obama on Dec. 10.
In years past, tax season has been delayed by last-minute tax laws that were passed by Congress. According to John Koskinen, the IRS Commissioner, this will not be the case this year.
In a statement, Koskinen said that the IRS has reviewed the late changes to tax law and found that there was nothing to prevent them from testing and updating their systems.
Every year, millions of Americans file their returns during the first several weeks of the tax season in order to expedite their tax returns.
The IRS says that in recent years, it has been able to issue the majority of tax returns within just 21 days if these returns were e-filed through a system like TurboTax. According to the IRS, filing electronically is the quickest way to get a tax return.
Kosinken also told reporters that refunds could be delayed as the result of agency budget cuts. In this recent statement, however, he did not estimate the time frame for this delay.
Approximately 150 million individual tax returns will be processed by the IRS this year. The average refund this year was about $2,800.