Tax Filing Season to Begin on January 28, 2018
VANCOUVER, BC–(Marketwired – January 17, 2018) – Beginning of filing season. IRS will begin accepting electronic and paper tax returns on Jan. 29, 2018. IRS noted that many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February.
Refunds. IRS anticipates that over 90% of refunds will be issued in less than 21 days, but there are some important factors to keep in mind for taxpayers.
After refunds leave IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. Many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers.
The “Where’s My Refund” tool on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates in late February. Taxpayers will not see a refund date on “Where’s My Refund” or through their software packages until then. IRS, tax preparers and tax software will not have additional information on refund dates, so “Where’s My Refund” is the best way to check the status of a refund.
April 17 filing deadline. The filing deadline to submit 2017 tax returns is Tuesday, Apr. 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday, which is April 16. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, Apr. 17, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation
June 15 filing deadline. If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside the U.S., on the regular due date of your return, you are allowed an automatic 2 month extension to file your return and pay any amount due without requesting an extension. For a calendar year return, the automatic 2-month extension is to June 15.
If you are unable to file your return by the automatic 2-month extension date, you can request an additional extension to October 15 by filing an extension before the automatic 2-month extension date. However, any tax due payments made after June 15 will be subject to both interest charges and failure to pay penalties.
In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. There are many other factors that can determine your filing date. Please call us and let us help you with your US tax compliance.
About the Company
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.
US Tax Professionals
Company Website: http://www.us-taxprofessionals.com