• Keith Fulfer

IRS will start accepting 2020 tax returns on Feb. 12

The Internal Revenue Service as announced the start date on which the Service will begin to process individual tax returns (Form 1040). This is two weeks later than the start of 2020. It means that most tax payers will not see any processing completed (and receive potential refunds) until March. This also limits the number of days that preparers have for submitting returns. (Note, this does not mean that your preparer cannot start on your return earlier. The quicker you get your tax documents to your preparer, the better).

The Service has opened Free File, its online, no-cost tax prep service. There are certain qualifications to using it. And even if you prepare your return, it cannot be e-filed until the February date.

Also keep in mind that any pass through entity returns (Partnership and S-Corps) are due on 03/15/2021.

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