IRS Opens 2020 Tax Season on January 27
2020 Tax Season is scheduled to begin on Monday January 27th. On this day, the IRS will begin accepting and processing 2019 tax year returns. Tax professionals can begin preparing tax returns now, but the IRS systems will not begin accepting returns until the 27th.
More than 150 million individual tax returns are expected to be filed this year. The IRS encourages everyone to consider filing electronically and choosing direct deposit. It’s the fastest way to get your refund.
The IRS expects the first refunds to go out in the first week of February with more than nine out of 10 refunds to be paid in less than 21 days. The IRS reminds taxpayers to check "Where's My Refund" for updates.
The IRS also notes that refunds, by law, cannot be issued before February 15 for tax returns that claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). While the IRS will process the EITC and ACTC returns when received, these refunds cannot be issued before Feb. 15. Similar to last year, the IRS expects the earliest EITC/ACTC related refunds to actually be available in taxpayer bank accounts by the end of February.
The IRS would also like to remind taxpayers that no matter who prepares a federal tax return, by signing the return, the taxpayer becomes legally responsible for the accuracy of all information included.