When Can We File Taxes?
Though tax filing season is always a mixed bag -- highly anticipated by some and dreaded by others -- knowing when filing season begins is important in planning your submission. The Internal Revenue Service (IRS) usually begins accepting current year returns in mid-January and continues accepting timely filed returns through April 15th. As of the date of publication, the IRS has made some adjustments to the filing dates. You should note these changes on your calendar to ensure that you remain in compliance with the IRS.
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E-File
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The IRS began accepting e-filed returns for the 2010 filing season on January 14, 2011. The last day for submitting timely filed returns is April 18, 2011, although if your e-file was previously rejected by the IRS, you have until April 22, 2011, to file your return. The last day to transmit a return with an extension is October 17, 2011. Additionally, the last to day to file an extension if you meet the overseas exception is June 20, 2011.
Paper Returns
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There is no time restriction on when paper returns can be filed, since the IRS accepts paper returns year-round. However, the IRS doesn't usually begin processing paper returns for the current year until mid-January. Both paper and e-filed returns are due in April and filers will be assessed a failure to file and a failure to pay penalty if their returns are not received by the due date. The failure to file penalty is 5 percent of the unpaid tax while the failure to pay penalty is ½ of 1 percent of any tax which remains unpaid.
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Delays
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Due to the passage of new tax laws by Congress, many 2011 tax returns are experiencing a substantial delay in processing. According to the IRS, the extra time was required to reprogram computer systems to adhere to the requirements of the new laws. Most of the returns experiencing delays are those filed by taxpayers who itemize deductions and those who are claiming deductions which were only recently re-instated. Many of those returns didn't begin processing until mid-late February instead of the customary mid-January.
Time Frames
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The processing time frame for an e-filed return is 10 days, while the time frame for a paper return is 6 to 8 weeks (including mailing time). Check the status of your return by calling the IRS refund hotline at 800-829-1954 or by accessing the "Where's My Refund" page on the IRS home page. If there is a problem with your return, the IRS will mail you a notice if your assistance is required in correcting the issue.
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