10 facts about the upcoming tax season - ForumDaily
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10 facts about the upcoming tax season

Photo: depositphotos.com

Photo: depositphotos.com

In anticipation of the delivery of a tax return edition Forbes published 10 facts you need to know about the upcoming tax season.

1. Tax season opens on 23 January 2017 of the year

The taxpayer can submit a declaration either electronically or through a tax consultant. According to Internal Revenue Service (IRS) statistics, 4 out of 5 taxpayers file their returns electronically.

2. Taxpayers have a few extra days to file a return for 2016 a year.

The final date is April 18, 2017, not April 15. This is due to the fact that April 15 falls on a Saturday, so the delivery is automatically postponed to April 17. However, April 17th is Abolition Day and is officially celebrated in the District of Columbia. Accordingly, taxpayers in all states will be required to submit tax returns by April 18th inclusive.

3. IRS FreeFile is already open

The program, available through the Internal Revenue Service (IRS) website, collaborates with commercial partners to provide free software to submit about 100 million taxpayer returns with revenues of $ 64 thousand or less. 7 of 10 taxpayers of the country are eligible for IRS FreeFile.

4. Some taxpayers will receive tax returns with a delay

The new law requires the IRS not to delay refunds linked to the tax credit (EITC) and the Supplementary Child Tax Credit (ACTC). To minimize latency, before February 15 you need to submit information from the W-2 and 1099 forms, so that they can be checked to reduce the likelihood of fraud.

5. You will need to make an appointment for consultation.

In previous years, the Tax Service served taxpayers on the principle of a live queue. But in 2017, you will need to set a date and time for personal tax advice. This principle now applies to all taxpayer assistance centers (TACs).

To do this, taxpayers can call: 844.545.5640.

6. 9 of 10 taxpayers will receive a refund in less than 21 day

"Where's My Refund?" now available on irs.gov and mobile - IRS2Go app considered the best way to check the status of the return. You can start checking through 24 hours after the IRS has received your electronic tax return or 4 weeks after sending you a return receipt.

7. 8 of 10 taxpayers will receive a tax refund on the deposit, rather than the requested paper check

According to the IRS, electronic filing of the declaration and refund in the form of a deposit is considered the fastest way to return the money.

8. Those preparing federal tax returns must have a valid PTIN to compensate.

The PTIN—Tax Preparer Identification Number—must be renewed every year. Without a PTIN, the service will not be able to return your funds. You can check your PTIN status using the online directory IRS PTIN .

9. According to the new law, an individual taxpayer identification number (ITIN) that has not been used in a federal tax return at least 1 times in the last 3 of a year will no longer be valid for use in a tax return without renewing it.

Any taxpayers who file a return this season with an expired ITIN may experience refund processing issues and delays, as well as some tax benefits being denied - until they update their ITIN.

10. In order to help combat personal identity theft and return fraud, beginning with 2017, taxpayers who prepare their own returns using the software for the first time may need to report the amount of income (AGI) for the previous year and verify their identity.

Taxpayers can learn more about how to verify their identity and electronically sign tax returns on the website. IRS .

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