Happy Holidays and Happy New Year! Tax Season is Right Around the Corner


By Jim Gilboy

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.

Contact us if you have questions regarding your tax returns and visit the Our Thoughts On blog for timely tax articles

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.

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