January 19 2016 will mark the beginning of the 2016 Filing Season. The Internal Revenue Service (IRS) announced that Tax Return filing for the year will begin one day earlier than the previous one.
The IRS will begin accepting individual electronic returns from this day. They will also begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper now instead of using the e- file method.
The Tax Day also witnessed slight changes as Washington, DC celebrates Emancipation Day on April 15 instead of the usual April 16th, which is a Saturday. Hence,The filing deadline to submit 2015 tax returns will be Monday, April 18, 2016. Please Note that this Date coincides with Patriot's Day so Massachusetts and Maine will observe their Tax Day on Tuesday, April 19, 2016.
All in all, this Tax Season starts early and ends with a Delay. With this, Tax Payers have more than the regular time period to file their returns. But NOTE that filing the Returns within the IRS time frame can be a smart and effective way to stay safe. The IRS urges all tax payers to make sure that they have all their year-end statements in hand before filing, including Forms W-2 from their employers, Forms 1099 from Banks and Other Payers and form 1095-A from the Marketplace for those claiming the premium tax credit.
One Aspect that Tax Professionals should take care is the tax software that they use for Tax filing and submitting forms to the IRS. It is better not to choose your tax filing software only on the basis of filing dates that they provide.
Below are some tips to consider as you file your Tax Returns:
If you need Assistance with organizing your Documents and Accounting Records, as well as getting them ready for Tax Purposes, Feel free to call us on 202.422.4586.
Let the Tax Season Begin....................................