IRS Delays Start of Filing Your Taxes
If you have already gotten your W-2 from your employer, hang on to it because the Internal Revenue Service (IRS) announced that they are delaying when you can file your taxes. Here's what you need to know. We are usually allowed to file our taxes as soon as we get our information from our employers in January, but this year is different. According to WKBW.com, the IRS is giving you about a month to start filing.
This year the IRS will start accepting 2020 tax year returns on February 12th. That doesn't mean you can't start your electronic return as soon as you get the information you need from your employer. The electronic service will hold onto your tax returns until February 12th and then send them.
The IRS announced the delay stating that they need more time for programming and testing the systems because of the tax law changes that took place on December 27th. This included the second round of stimulus payments to Americans. In order to get tax payments out on time, the delay will help the IRS get everything in place.
In a statement from the IRS, they said:
These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.
Even with the changes, the IRS said that nine out of ten taxpayers will get their refund within twenty-one days of when they electronically file through direct deposit if there are no errors in their tax returns.