Shortened tax filing season underway
Typically, tax payers can begin filing their annual tax returns in late January. However, the tax season for 2020 returns has been shortened.
Although the official opening date for returns by the Internal Revenue Service began last Friday, the nearly two-week cut in the actual filing season may leave some tax payers scurrying to a finish.
The final day to file a return with the IRS remains April 15 with extensions granted under certain circumstances for tax payers. If you file for an extension, the late filing deadline remains Oct. 15.
Local accounting firms and tax return businesses are busy as the season is now in full swing.
According to information from the IRS, the late start of the income tax return filing season has only occurred five times since 2007.
The agency blamed updating its programming and testing systems to factor in the second Economic Impact Payments and other tax law changes.
Even with the delay in filing opening, taxpayers who file early can expect to see refunds beginning the first week of March based on information from the IRS.