The Internal Revenue Service announced today that the nation’s tax season will begin and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.
The IRS will begin accepting tax returns on , with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be this year – so taxpayers will have two additional days to file beyond .
Many software companies and tax professionals will be accepting tax returns before and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns , paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds.
The IRS set the opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns.
The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on , if they chose direct deposit and there are no other issues with the tax return.