09
Fri, Jan

Early birds can begin filing their taxes on Jan. 26 this year

Early birds can begin filing their taxes on Jan. 26 this year

Financial News
Early birds can begin filing their taxes on Jan. 26 this year

WASHINGTON (AP) — Jan. 26 marks the official start date of the 2026 tax filing season, when the IRS will begin accepting and processing 2025 tax returns. April 15 is the filing deadline.

Tax experts, including the IRS’ independent watchdog, have warned that this year's filing season could be hampered by the loss of tens of thousands of tax collection workers who left the agency through planned layoffs and buyouts spurred by Elon Musk's Department of Government Efficiency.

The IRS will also be responsible for implementing major provisions of Republicans' tax and spending package signed into law last summer. Several provisions in the law retroactively affect the 2025 tax year, likely leading to more questions from taxpayers and requiring the IRS to update tax forms.

“President Trump is committed to the taxpayers of this country and improving upon the successful tax filing season in 2025,” said acting IRS Commissioner Scott Bessent in a news release. “I am confident in our ability to deliver results and drive growth for businesses and consumers alike.”

The IRS expects to receive roughly 164 million individual income tax returns this year, which is on par with what it received last year.

The latest National Taxpayer Advocate report to Congress published in June states that the IRS workforce has fallen from 102,113 workers at the end of the Biden administration to 75,702. The IRS website does not include the latest employment numbers on the agency’s workforce.

IRS employees involved in last year's tax season were not allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline of April 15, 2025.

The June National Taxpayer Advocate report to Congress warned that the 2026 season could be rocky.

“With the IRS workforce reduced by 26% and significant tax law changes on the horizon, there are risks to next year’s filing season,” said Erin M. Collins, who leads the organization assigned to protect taxpayers’ rights.

Content Original Link:

Original Source At Yahoo Finance

" target="_blank">

Original Source At Yahoo Finance

SILVER ADVERTISERS

BRONZE ADVERTISERS

Infomarine banners

Advertise in Maritime Directory

Publishers

Publishers