I’m Nervous- When can I file my tax return?

It’s tax time again! Are you ready to file?

Many taxpayers are nervous and apprehensive regarding this upcoming tax season.

Questions that many have are:

  • Will I get my usual refund?
  • Did I have enough withheld to pay my tax?
  • Will I be able to itemize my deductions?
  • Will I receive the same deductions and credits for my children this year?
  • Will my refund increase under the new tax law?

These are just a few of the questions that we’ve already received this tax season.

When can you, the taxpayer, begin filing tax returns with the Internal Revenue Service? The IRS issued a notice on Monday January 7, 2019 stating they will process tax returns and issue refunds starting January 28, 2019.

The next logical question is how will the IRS accomplish this with approximately 88% of the staff on furlough as a result of the Government Shut Down? 

On January 7, 2011 Congress enacted 31 U.S.C. Section 1324, which the IRS believes Congress made an indefinite and perpetual appropriation for the IRS to issue refunds. This section goes on to state “Necessary amounts are appropriated to the Secretary of The Treasury for refunding Internal Revenue collections as provided by law”.

The IRS will be recalling required staff to return to work to accomplish this task. We are all appreciative to the Commissioner and Federal Employees who will return to work without being compensated so We the People can file our tax returns starting January 28, 2019.

The IRS Commissioner Mr. Rettig said “IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years”!

The usual filing deadline for 2018 tax returns is Monday, April 15, 2019. This deadline is not the same for Massachusetts and Maine residents because of Patriots Day Holiday on April 15, 2019 and Emancipation Day Holiday on April 16, 2019; this results in a filing deadline of April 17, 2019 for Massachusetts and Maine residents.

Thomas D. Terranova, Jr., CPA, PFS, CITP is managing member of Terranova & Associates, LLC, member of the AICPA and MA Society of CPA’s.
Terranova & Associates, LLC is located in Danvers and contact be contact at 978-774-7700 for consultations.

Posted by Terranova & Associates LLC

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