The IRS announced that the 2018 filing season will begin on January 29. This is a bit later than last year, when it started on Jan. 23. In November, the IRS announced that it was upgrading its systems to prepare for the season. Individual tax returns are due April 17 this year. Due dates are also delayed this year by natural disasters or public health emergencies. You should be aware of the various deadlines and make sure to start your filing as early as possible.
Tax season 2018 starts on Jan. 29
The Internal Revenue Service (IRS) announced today that tax season will begin on Jan. 29. This is a bit later than last year, when the filing season began on Jan. 23. However, the agency said in November that it was undergoing system upgrades for the 2018 filing season. Individual tax returns are due on April 17 this year. The deadline is April 15 in most states, but April 16 is a holiday in the District of Columbia.
While tax season typically begins a week or two prior to this date, the IRS said in a release that the start date is delayed because of various factors, including the security of the federal tax system, the readiness of key tax processing systems, and the potential impact of tax legislation on the 2017 income tax return.
As a result, the refund process will take longer than usual. Financial institutions will need to process the refunds, and that takes time. Also, many financial institutions will not process payments on weekends and holidays. If you’re claiming the EITC, this could impact your refund. During tax season, be sure to make all necessary payments to ensure that your refund will be received on time. You don’t want to lose a refund, so it’s better to start early and avoid potential penalties.
Fortunately, there are ways to avoid these pitfalls and make the process go as smoothly as possible. For one, e-filing and direct deposit are two of the fastest ways to file taxes and get a refund. The IRS also continues to focus on preventing fraud and enhancing their processing systems.
Besides filing electronically, most tax software companies will accept tax returns in advance. In addition, the IRS will begin accepting and processing tax returns for the 2022 tax year. The tax deadline for 2022 is also approaching. If you want to prepare ahead, the IRS E-file will open on Jan. 24.
If you’re filing electronically, you’ll want to make sure you have access to MyTax Illinois, a free online account management program for Illinois taxpayers. The program accepts Form IL-1040 electronically for free and is designed to simplify the process of filing a return. It also allows taxpayers to make payments, check refund status, and find their IL-PIN and 1099-G amounts.
Refunds delayed until mid-February
If you file for your federal income tax return online, you should expect your tax refund sometime in February. If you file a paper return, the IRS may take longer. The delay is a result of increased security measures and could affect processing time. However, taxpayers need not panic because the delay does not affect VITA sites and commercial tax preparers.
However, if you file for the EITC and Additional Child Tax Credit, your refund may be delayed until February. The IRS says this is necessary so that it can stop fraudulent refunds. The delay in refunds is a good opportunity for VITA sites to remind clients that they are a reliable source for tax filing. They can also train their staff on the delay so that they can communicate with clients.
As the tax season approaches, the IRS has issued a letter to taxpayers, requesting that they verify their identities. The letter asks taxpayers to provide information from their last year’s tax return and the current year’s Forms W-2 and 1099. While the online process is not back in full yet, taxpayers can submit the information to the IRS as proof of their identity.
In some cases, taxpayers may receive a refund in the mail even if they did not file their tax return online. However, the IRS will use a portion of their refund to pay off their back taxes. The rest will be sent to them via check in the mail or by direct deposit.
Another possible reason why a refund may be delayed is an error on the return. Mistakes on tax forms, like incorrect bank account information, may lead to delays in processing. The IRS may notice spelling errors on your return, or you might have mis-spelled the digits of your Social Security number. These errors can occur because of sloppy handwriting or rushing to complete the return.
The IRS typically processes returns within 21 days. However, some taxpayers may experience a longer wait than this. To ensure a timely refund, it is best to file early online. Request direct deposit and double-check information. If you have any problems filing your return, you should consult a financial advisor. They can help you develop a solid financial plan based on the type of refund you receive.
Non-profit organizations must file by Jan. 2
If you run a nonprofit organization, you need to know when the tax year ends so you can file your tax return on time. Tax deadlines that fall on the weekend are automatically extended until the next business day. However, you should know that certain small nonprofits may be able to file electronically using the Form 990-N (e-Postcard) that is due on the same date.
The threshold to file a return is $50,000. Some nonprofits, like 527 political organizations and 501(c)(3) charities, are exempt from this requirement. Before, the IRS tried to implement the Schedule B disclosure requirement without regulations, but in a ruling in Montana, the federal district court ruled that the guidance violated the Administrative Procedure Act.
As a nonprofit organization, you should make sure to keep a record of the donations you receive each year. Using this information will help you identify the donors that support your nonprofit. You can track donations by determining which donations are the most significant. Nonprofits must identify their major donors on Schedule B.
The number of nonprofits that are required to file a 990 for tax season 2018 has increased by 10 percent. In the last fiscal year, nearly three-fifths of nonprofit organizations filed reports. They accounted for almost three-fifths of the nonprofit sector’s revenue and expenses.
In addition to filing a tax return, tax-exempt organizations also have to report the names and addresses of substantial contributors. The names and addresses of contributors help the IRS administer internal revenue laws efficiently. It also allows organizations to substantiate their contributions and address concerns.
The IRS and Treasury Department have issued proposed regulations that would amend the current filing requirements for section 527 organizations. These organizations are required to file a tax return annually and keep records for three years. They are also required to submit a section 6033(g) report on their annual income.
Non-profit organizations must publish a financial report within 45 days after the fiscal year ends. This report should include a statement of income and expenses, a balance sheet, and a certificate of accuracy from an officer of the organization. The report should be no more than four inches by five inches and must be filed with the Director of Revenue & Taxation.
Natural disasters and public health emergencies delay Tax Day
In many states, Natural disasters and Public Health emergencies can cause a delay to Tax Day. The Internal Revenue Service has delayed the deadline in the past due to disasters. If you are in a position where you will miss the deadline, you should review the IRS’s disaster relief announcement to see if you qualify. In addition, most states grant tax relief from penalties for missed deadlines, as long as the situation is a reasonable one.