The IRS announced today that 2013 personal tax returns will begin to be accepted on January 31st. Since most states piggyback onto the IRS’s computer system, most state returns can also begin to be filed on January 31st.
The 2013 tax season began on January 30th on a limited basis; it took the IRS several weeks before they could accept all returns. It appears that this coming year the full tax season will open at the end of January, so that’s a plus in comparison to the most recent tax season.
Of course, most taxpayers will be unable to file until later in the year. The deadline for issuing W-2s and most 1099s is also January 31st. However, brokerage account 1099s do not have to be issued until February 18th this year (the 15th falls on a Saturday, the 17th is President’s Day, so the deadline gets moved back three days). Additionally, the IRS routinely grants extensions to brokerage firms that need more time. Unfortunately for preparers, that has led to tax season being more and more compressed each and every year. I doubt the upcoming tax season will be any different.
For our clients, we plan on beginning distribution of Organizers and related documents next week.
Tags: 2014.Tax.Season