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Following a review of the recently passed tax extenders legislation, the Internal Revenue Service (IRS) has announced that the US tax season for individual tax returns will begin as scheduled on January 19, 2016.
The IRS will begin accepting e-filed returns that day. The IRS expects to receive more than 150m individual returns in 2016, with more than four out of five being prepared and e-filed using tax return preparation software.
The IRS will begin processing paper tax returns at the same time. The IRS pointed out that while many tax software companies will begin accepting tax returns earlier in January and submit them to the IRS when processing systems open, there is no advantage for taxpayers filing paper tax returns in early January, instead of waiting for e-file to begin.
“We look forward to opening the 2016 tax season on time,” IRS Commissioner John Koskinen said. He noted that the new legislation makes permanent many provisions and extends many others for several years. “This provides certainty for planning purposes, which will help taxpayers and the tax community, as well as the IRS,” he said.
“We encourage taxpayers to take full advantage of the expanding array of tools and information on the IRS website to make their tax preparation easier,” he added.
The IRS also confirmed that, as part of the Security Summit initiative, it has been working closely with the tax industry and state revenue departments to provide stronger protections against identity theft for taxpayers during the coming filing season.
The filing deadline to submit 2015 tax returns will be April 18, 2016.
Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York. He provides guidance and strategies to improve clients’ financial well-being.