The Internal Revenue Service announced that the nation’s tax season will begin as scheduled on Tuesday, January 19, 2016. The IRS will begin accepting individual electronic returns that day. The IRS will begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper in early January instead of waiting for e-file to begin.
Even better news, there’s no tiered opening season like last year. All taxpayers can begin filing on January 19, 2016. There was some concern about what might happen if Congress did not sign off on all of the tax extenders. Fortunately, Congress eventually approved a tax extenders package which renewed all of those extenders – with no changes – making it possible for all taxpayers to start filing at the same time.
The filing deadline to submit 2015 tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on that Friday, which pushes the deadline to the following Monday for most of the nation. (Due to Patriots Day, the deadline will be Tuesday, April 19, in Maine and Massachusetts.)
The IRS urges all taxpayers to make sure they have all their year-end statements in hand before filing, including Forms W-2 from employers, Forms 1099 from banks and other payers, and Form 1095-A from the Marketplace for those claiming the premium tax credit.
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS anticipates issuing more than nine out of 10 refunds in less than 21 days.
