Ready to file your taxes? The Internal Revenue Service (IRS) has announced that it will start accepting and processing 2020 tax returns on February 12, 2021. This is several days later than the typical starting date, as the IRS says it needs extra time to prepare their systems to process provision of the recently enacted Consolidated Appropriations Act, 2021, which did not go into effect until December 27, 2020.
The IRS expects more than 150 million tax returns to be filed this year, with the first refunds expected to go out in early March. Taxpayers should prepare their documentation and file as early as possible, using electronic filing and providing direct deposit information to help speed processing.
Again this year, taxpayers should be extremely alert for tax scams used by cyber criminals to access personal data in order to file false tax returns. Filing your return early also helps to narrow the window in which scammers can potentially file a false return.
For additional information or help in filing your tax return please contact Gray, Gray & Gray at (781) 407-0300.
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