The Internal Revenue Service (IRS) has shortened the window for filing in 2021—about two weeks. The tax season opens Friday, February 12, later than expected. However, that does not mean you more time to get your information together. Instead, it's quite the opposite. Because the season is quick, you need to jump on filing right away with Laveniir.
"Planning for the nation's filing season process is a massive undertaking, and IRS teams have been working non-stop to prepare for this as well as delivering Economic Impact Payments in record time," said IRS Commissioner Chuck Rettig. "Given the pandemic, this is one of the nation's most important filing seasons ever. This start date will ensure that people get their needed tax refunds quickly while also making sure they receive any remaining stimulus payments they are eligible for as quickly as possible.
The later date allows the IRS additional time to test new systems following the December 27 tax law changes: Namely those involving the 51second round of stimulus checks. The benefit of you working with Laveniir now is that as soon as the season opens, Laveniir will submit your paperwork electronically using your direct deposit, as recommended by the IRS, and help you get your refund quicker.
Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. The IRS urges taxpayers and tax professionals to file electronically. To avoid delays in processing, people should avoid filing paper returns wherever possible. Last year's average tax refund was more than $2,500. More than 150 million tax returns are expected to be filed this year, with the vast majority before the Thursday, April 15 deadline.
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Below are some Key Filing Season Dates:
- February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
- February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.
- First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.
- April 15. Deadline for filing 2020 tax returns.
- October 15. Deadline to file for those requesting an extension on their 2020 tax returns
