Ok...Tax Season Can Start...The IRS is ready!!

17 January 2012 / Uncategorized / Comments Off on Ok...Tax Season Can Start...The IRS is ready!!

TAX SEASON STARTS!!

Tuesday, Jan. 17, marks the start of tax season, as the IRS opens up its system to accept e-filed individual tax returns. This is different that last year, when the start of tax season was delayed for some taxpayers by last-minute tax law changes (AMT Patch), this year the IRS will be accepting all individual returns when it opens up its e-filing system.

The filing deadline for 2011 Forms 1040 is April 17 because April 15 falls on a Sunday and April 16 is Emancipation Day, a legal holiday in the District of Columbia, which by federal law affects federal tax deadlines in the same way a federal holiday would (T.D. 9507).

The IRS expects to be able to issue refunds in as few as 10 days for taxpayers who e-file and choose direct deposit for their refund. It estimates that 90% of refunds will be issued within 21 days of filing; however, the IRS notes that these estimates are for error-free returns.  Our experience has been an average of 3-4 days  for clients who e-file and choose direct deposit for their refund.  Waiting for a check takes quite a bit longer.

The IRS also cautions taxpayers that it is increasingly scrutinizing returns for signs of fraud, which will delay some refunds.  Taxpayers can check on the status of their refunds using the “Where’s My Refund?” tool on the IRS website (https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp).

We at Widget are excited about serving your needs this tax season and welcome your phone calls.