Due to the Economic Impact Payments and Covid-19, tax season has been delayed until February 12th. If you have not received the full amount of the EIP’s notate this in the Recovery Rebate Credit worksheet. If you have received the full amounts, then no further action is needed. This does not impact any due dates of taxes, it only impacts the date that the start date of the IRS accepting tax returns. Just because it is delayed, does not mean you can’t start working with your tax accountant to get your taxes calculated and ready to file, it just means they won’t be sent to the IRS until February.

To decrease the time it takes for taxpayers to receive their refunds, the IRS is suggesting that tax returns be filed electronically. They are predicting that 90% of filers will receive their refund within 21 days of their return being filed. However, refunds involving the Additional Child Tax Credit or the Earned Income Tax Credit will not be sent until the middle of February.

Read more about this delay here: https://www.accountingtoday.com/news/irs-to-delay-tax-season-until-feb-12