Think you know when the 2018 tax filing season will open? Think again.
The Internal Revenue Service (IRS) has not yet announced the date that it will begin accepting individual tax returns for the 2018 tax filing season. As the tax agency does every year, it's continuing to update its programming and processing systems for the upcoming season. Additionally, the IRS says it "continues to closely monitor potential legislation that could affect the 2018 tax season" - in addition to the GOP tax proposal which was just announced this week, upcoming votes could include "extender" tax provisions that expired at the end of 2016 which might be renewed for the tax year 2017.
The IRS anticipates that it will not be at a point to announce a filing season start date until later in the calendar year. That's consistent with years past: the announcement for 2017 was made in December of 2016 and the announcement for 2016 was made in December of 2015. I would expect the announcement for 2018 to be made in December of 2017.
As for those internet rumors? The IRS says that "[s]peculation on the Internet that the IRS will begin accepting tax returns on Jan. 22 or after the Martin Luther King Jr. Day holiday in January is inaccurate and misleading; no such date has been set." So, yes, it's true that the filing season tends to start around the third week in January - but so far, no specific date has been set (see again, Congress).
Of course, the reason most folks want to know about the open date is so that they can calculate their tax refund release date. According to IRS, there are a number of "misleading refund charts on the internet that project tax refund dates." So far, the tax agency says, "Any speculation about refund dates in 2018 is premature."
The IRS typically issues more than nine out of 10 refunds in less than 21 days. However, some tax returns may require additional review and take longer. For example, Congress passed a law that delayed the release of certain refunds last year. The law is still in effect and requires the IRS to hold refunds tied to the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February.
So what's a taxpayer to do? Be wary of sites that offer information without revealing their sources - especially websites that might be selling services or touting refund-related loans. Stick with reliable sites like the tax coverage on Forbes.com, and, of course, you can always check the IRS website for up-to-date information.
