The IRS has announced that they will begin accepting and processing all 2019 individual tax returns on Monday, January 27, 2020. A Tax Haven can still prepare returns as soon as taxpayers receive their current tax documents, and the returns will be transmitted and held until the IRS begins accepting them. Taxpayers do need to make sure they have received all of their relevant tax documents before filing—- W2s (even for a short-term job), 1099s, Mortgage Interest, 1095A for Marketplace Health Insurance, Stock Sales, Education Forms/ 1098Ts, Interest and Dividends Earned, etc.

When the IRS starts processing returns, acknowledgments may be unpredictable due to the high volume of returns being processed. Those with the Earned Income Tax Credit (EITC) or Child Tax Credit (CTC) are also likely to have their refunds delayed, since the IRS now gives extra attention to these credits. For e-filed returns with direct deposit (that do not have EITC or CTC or other specialty credits), it is estimated for the deposits to be 7-14 days from the day the return is accepted by the IRS.

Taxpayers can use the “Where’s My Refund?” tool on the IRS website (irs.gov) to keep an eye on their anticipated refund once they have filed their returns!