IRS Announces when you will get your REFUND!
Last week the IRS began putting dates around the 2020 filing season.
“The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.”
2021 tax filing season begins Feb. 12
Now February 12 is later then most previous tax seasons. Historically e-file has opened in January. Ouch. That delay is going to have a huge compression effect on the IRS.
Blame another one on the Corona virus. The IRS says the delay is due to recent tax law changes enacted on December 27th.
Another big date-REFUNDS! When are the refunds coming? If you claim the Earned Income Credit (EIC) and/or the Addition Child Tax Credit, your refund will not be issued until the first week of March. Again, a HUGE delay in processing.
Keep in mind, if your refund is made up entirely of money you have paid in, your refund will be proceeded using the normal timeframe.
On a final note, the IRS announced that IRS Free File can be used immediately, though returns submitted will not be transmitted until the February 12th date.
The overall theme? Be patient.
Jeff Roltgen, Tax Rescue CPA
Jeff@TaxRescueCPA.com
www.TaxRescueCPA.com
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