The IRS has delayed the expected tax filing date to start on February 12th of this year. In this past, the filing date usually begins around January.
Starting on February 12th, 2021, taxpayers can begin filing for taxes on incomes earned in 2020, and the IRS will begin processing and issuing tax refunds beginning then.
The IRS claims the delay is due to the ongoing COVID-19 pandemic and the relief act’s passing on December 27th. The act requires new programming that the IRS implements into their systems, which requires time for testing and training.
The delay is also caused by the second round of stimulus payment and rebates credit authorized by the CAA. Taxpayers who wish to claim the credit can do so on their 2020 tax filing if they have not received any stimulus payment.
However, although the date to start filing has been delayed, the cut-off day for submitting your taxes have not; it remains on April 15th, which means that taxpayers just lost time to file their tax this year.
The IRS has recommended taxpayers file their taxes this year electronically and use direct deposit if possible. This year the IRS has faced unprecedented challenges compared to the past due to the two pandemic relief bills passed by Congress and signed by the president this year, along with reduced workforce and social distancing.
The taxpayers who wished to file their taxes early to receive their refund quickly can expect their refund directly deposited into the bank account that they have registered with the IRS in early March, and slightly later if the refund has to be mailed.