Tag Archives: tax refund

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IRS Confirms July 15 Tax Deadline

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The IRS confirmed in a press release that the July 15th due date for filing will remain as-is, with no further changes.

Treasury Secretary Mnuchin had said last week that he hadn’t ruled out moving the deadline again, but this newest announcement makes it clear that July 15th is the new April 15th.

Taxpayers who can’t meet the July 15 due date can request an automatic extension of time to file — it’s a six-month extension from the original filing date of April 15 (not the extended due date), which means it will extend the time to file to October 15, 2020.

The IRS offers a plethora of filing and payment options and reminds folks that filing an extension gets you more time to file your return, but not to pay any balance due. If you think you’ll have a balance due, I recommend you work with a professional to calculate what it might be, and submit payment with your extension, to avoid penalties and interest on late payment.

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IRS, Tips

When to Expect Your 2020 Tax Refund

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CPA Practice Advisor has released their annual estimated timeline for when a taxpayer is likely to receive their refund based on when they file, based on what we currently know about the upcoming tax season and projections based on prior years. They point out that the TCJA tax reform is still affecting many Americans’ ability to file timely, that Congress often delays tax season by issuing last-minute tax laws in December, and the IRS is also delaying refunds on tax returns that include the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Barring any of these issues, here’s what they’re predicting.

IRS Accepts Between These Dates ===> Direct Deposit Sent (Or Check Mailed)

1/20/19 – 1/24/19 — >   Friday 1/31/20 *  

1/27/19 – 1/31/19   — > Friday 2/7/20

2/3/19 – 2/7/19   — > Friday 2/14/20 **  

2/10/19 – 2/14/19 — >   Friday 2/21/20 **  

2/17/19 – 2/21/19   — > Friday 2/28/20

2/24/19 – 2/28/19 — >   Friday 3/6/20

3/2/19 – 3/6/19   — > Friday 3/20/20 ***  

3/9/19 – 3/13/19 — >   Friday 3/27/20

3/16/19 – 3/20/19 — >   Friday 4/3/20

3/23/19 – 3/27/19   — > Friday 4/10/20

* = IRS may delay tax filing season by one week or more due to changes in tax law.

** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.

*** = Filing during peak season can result in slightly longer waits.

3/29/19 – 4/3/19 — > Friday 4/17/20

4/6/19 – 4/10/19 — >   Friday 4/24/20

4/13/19 – 4/12/19 — >   Friday 5/1/20

4/20/19 – 4/24/19 — >   Friday 5/8/20

4/27/19 – 5/1/19 — >   Friday 5/15/20

5/4/19 – 5/8/19 — >   Friday 5/22/20

5/11/19 – 5/15/19 — >   Friday 5/29/20

5/18/19 – 5/22/19   — > Friday 6/5/20

5/25/19 – 5/29/19   — > Friday 6/12/20

6/1/19 – 6/5/19   Friday 6/19/20

IMPORTANT: If you file electronically (using an online tax program or preparer), the IRS will notify you of the actual date they “accepted” your return. This is often 1-3 days from the time you actually hit the “file” button, and it is this date that you need to use for the above chart.

Taxpayers who mail a paper version their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the return has to be digitized before it can be processed.

Source: 2020 IRS Refund Chart: When to Expect a Tax Refund