The Tax Season is Set to Begin!
Here is an interesting question. Is this the 2019 tax season or the 2020 tax season? I think if you asked most tax pros they would say its the 2019 season, since we are filing for the 2019 tax year. I would also guess that most people would say its the 2020 season. Either way, get ready.
The IRS confirmed that the tax season will start for individual tax return filers on Monday, Jan. 27, 2020. What this means is that the IRS will begin accepting and processing 2019 tax year returns.
Tax documents are due to be mailed or delivered by January 31. This means your W-2 wage statements, 1099-misc income forms, and a whole slew of other forms. Many documents are now available online and you do not have to wait until the end of the month. If you do not have access to your documents online you can request that they be mailed to you.
The IRS set the Jan. 27 opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns.
Software companies and tax professionals will be accepting and preparing tax returns before Jan. 27 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.
The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020.