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2018 Tax Filing Season Begins January 29

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The Internal Revenue Service ("IRS") announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness of tax processing systems and assess the potential impact of tax legislation on 2017 tax returns. The tax deadline for filing returns is extended to Tuesday, April 17, as April 15 falls on a Sunday, and Monday, April 16 is Emancipation Day, - a legal holiday in the District of Columbia.

Although the IRS will begin accepting electronic and paper tax returns on January 29, processing of paper returns will not begin until mid-February. With this in mind, individuals are strongly encouraged to file their tax returns electronically for faster refunds. Note that Earned Income Tax Credit ("EITC") and the Additional Child Tax Credit ("ACTC") refunds, for tax returns with no other issues, will not be issued for direct deposit until February 27, 2018.

For those using a tax preparation software program for the first time to electronically file their tax returns will need to sign and validate the return by providing their 2016 adjusted gross income ("AGI"). Those using the same software from the previous year will not need to enter any prior-year information to electronically sign their returns, as these amounts normally roll forward. Using a PIN is also no longer an option when electronically filing.

Taxpayers can go to IRS.gov/account to securely access information regarding amounts owed, to pay online, to set up online payment agreements, and to access tax records. The IRS mobile app "IRS2GO" is another option for taxpayers to check their status, make a payment, sign up for helpful tax tips, etc.

If you have any questions regarding the 2018 tax filing season, do not hesitate to contact your Marcum tax professional.

 
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