This year the IRS will begin accepting electronically filed income tax returns on January 23, 2017. E-File, as we discuss on our website at times, is the process of filing out your income tax return online, using income tax software, or by income tax preparer, whom then transmits your forms electronically to the IRS. The IRS will begin processing paper income tax returns on the same day. You can of course prepare and mail in your IRS tax forms ahead of time. Tax preparers can complete your income tax return early, for example, then transmit your forms electronically on the first day.
A few IRS processing dates to remember for 2017:
- January 13 - IRS Free File program opens.
- January 23 - IRS begins processing e-filed and mailed returns.
- February 15 - EITC and ACTC refunds delay date.
- April 18 - IRS income tax returns are due.
A new tax law requires the IRS to hold all Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds until February 15, 2017. If you are claiming either of those two credits and are expecting a refund, you might not receive your refund until the second half of February. This new law is meant to catch any tax-related identity theft and fraudulent income tax refund claims.
According to a recent IRS press release, more than four out of five income tax returns are expected to be filed electronically this year. The free tax software links found on our website can be used to e-file your 2016 IRS tax forms.