Number of the Day Shows Just How Late Tax Season Starts

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Number of the Day

That’s how many days later the Internal Revenue Service (IRS) will start accepting and processing tax returns this year compared to last year.

The IRS announced last week it would start processing 2020 tax returns on Feb. 12. Last year, it began accepting and processing 2019 returns on Jan. 27. The later start date is to allow time to program and test IRS systems after a second round of stimulus checks and related tax law changes were enacted in late December, the IRS said.

The IRS expects about 90% of taxpayers to receive any refund they are due within 21 days of filing if they do so electronically and with direct deposit. But with the later start date, that means taxpayers may not see their refunds until March 5.

The delayed start is all the more reason to get your return right the first time. And you don’t have to wait to file your tax return with a tax software company. These companies are already accepting returns that will be transmitted to the IRS starting Feb. 12.

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