The IRS has announced that the start of the 2018 tax season will be Monday, January 29, meaning it will begin accepting both electronic and paper tax returns on that date. The IRS chose the date to ensure the security and readiness of key tax processing systems in advance of the opening, and to allow time to assess the potential impact of tax legislation on 2017 tax returns.
The filing deadline to submit individual 2017 tax returns (that have not been properly extended) is Tuesday, April 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17, 2018. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
A note about refund processing: by law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. If you claim one or both of these credits, expect the earliest refunds to be available in bank accounts or on debit cards starting on Feb. 27, if choosing direct deposit and there are no other issues with the tax return.
The IRS also reminded taxpayers in the announcement that a trusted tax professional can provide helpful information and advice, which we completely agree with of course. No need to wait until the IRS opens on January 29th – we kicked off our tax season today (see a few of our team pictured at the kickoff event), and are ready to meet with you!