The Date For Tax Filing Has Been Announced!

    The Internal Revenue Service (IRS) has announced the beginning of Tax Season for 2021. The day they will start to accept and process Tax Returns is Friday, February 12. Does that date seem a little later than usual? Yes it is and there are reasons for that.

    There were tax law changes that came into effect on December 27, 2020 that related to the second round of Economic Impact Payments. Some of these changes will allow those who did not receive a payment in 2020, to get a Recovery Rebate Credit when they file this year. Given that timing, the IRS needs to reprogram and test their systems to make sure they run as smooth as possible. This looks to be one of, if not the most, important Tax Filing seasons ever. To make sure you are prepared, take time now to talk to your Qualified Tax Professional.

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