The Internal Revenue Service announced that they will open the 2014 filing season for individuals to file their 2013 tax returns on January 31, 2014.
This allows the IRS adequate time to program and test its tax processing systems. The annual process for updating IRS systems saw significant delays in October following the 16-day federal government closure.
The IRS cautioned that it will not process any tax returns before January 31, so there is no advantage to filing on paper before the opening date.
The IRS will begin accepting 2013 business tax returns on Monday, January 13, 2014. This start date applies to both electronically-filed and paper-filed returns.
Business returns include a variety of income tax and information returns such as:
Form 1120 filed by corporations
Form 1120S filed by S corporations
Form 1065 filed by partnerships
Form 1041 the return filed by estates and trusts
It also includes various excise and payroll tax returns such as:
The IRS expects to be able to begin processing any of these business returns on January 13.
We will be taking a break from Tax Tip Tuesday next week and will resume on January 7, 2014.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.