Mark your calendars, January 31st is the official date- the Internal Revenue Service has announced that they will be processing and filing tax returns, just a little later than planned thanks to the government shutdown we experienced in October.
So what does this mean for us? Basically, your refunds are going to be issued later. The IRS wants to make it very clear that it will not be processing any returns before January 31st, so filing before then won’t help you any. You’re expected to receive tax refunds much faster by using e-file or Free File with the direct deposit option.
Several options are available to help taxpayers ease into the 2014 tax season (check out our articles on Prepping Your Taxes for 2014- Business and Individual).
In addition, many software companies are expected to begin accepting tax returns in January and hold those returns until the IRS systems open on Jan. 31. More details to come on this, stay tuned!
The April 15 tax deadline is set by statute and will remain in place…sorry! However, you can still request an automatic six-month extension to file if you need more time. The request is easily done with Form 4868, which can be filed by paper or electronically. Paragon Accountants offers free electronic filing with your return for the fastest way to your refund.