The IRS announced that it will begin accepting and processing electronic returns on Tuesday, January 19, 2016. That date comes just one month after the “Protecting Americans from Tax Hikes Act of 2015” that was signed on December 18, 2015. “We look forward to opening the 2016 tax season on time," Despite the delay in issuing this important legislation IRS Commissioner John Koskinen stated, “Our employees have been working hard throughout this year to make this happen. We also appreciate the help from the nation’s tax professionals and the software community, who are critical to helping taxpayers during the filing season.” The new legislation makes permanent many tax provisions and extends others provisions for multiple years. “This provides certainty for planning purposes, which will help taxpayers and the tax community, as well as the IRS,” Koskinen added.
The filing deadline for most taxpayers to submit their 2015 individual tax returns will be Monday, April 18, 2016, because Washington, D.C., will celebrate Emancipation Day on Friday, April 15, thereby closing government on what is traditionally “The Day.” However, the deadline will be Tuesday, April 19, for taxpayers in Maine and Massachusetts due to the local celebration of Patriots Day.
According to the IRS, choosing e-file and direct deposit for your refund remains the fastest and safest way to file an accurate income tax return and receive the refund quickly. The IRS anticipates issuing 90% of individual refunds in less than 21 days for those filing returns electronically.
The IRS urges all taxpayers to make sure they have all of their year-end statements in hand before beginning to e-file on January 19. Please make sure that you have your Forms W-2 from employers, Forms 1099 for interest, dividends and other income and Form 1095-A from the Health Insurance Marketplace for those claiming the Premium Tax Credit before you go online to file.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.
This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.