The date most people associate with the IRS and taxes is April 15. But the reality is that there are many important dates and deadlines both individuals and businesses need to be aware of as we head into the 2017 tax filing season. Missing one of these tax deadlines can result in costly penalties, not to mention headaches and hassle. Best to avoid all that!
Similar to last year, April 15 falls on a Saturday in 2017, meaning IRS processing centers are closed on that date. Additionally, the following Monday is Emancipation Day in Washington D.C. and the law states that District holidays affect national tax deadlines. Together, these mean the deadline for filing returns will be bumped out to TUESDAY, APRIL 18, 2017 for 2017 tax filings.
Changes to 2017 Tax Filing
Another important change for 2017 affects the refund return times for filers claiming certain tax credits. New laws, designed to prevent refund fraud, require the IRS to hold all refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until February 15. Factoring in bank processing times, President’s day holidays, and weekends, some taxpayers may not have access to their refund dollars until after February 27.
Let’s take a look at some of the other key tax deadlines you can mark on your calendar, so you’ll be ready for tax season.
Important 2017 Tax Deadlines
- January 23: Tax season officially opens at the IRS. Returns are not accepted before this date.
- January 31: Businesses and employers must distribute to employees AND file with the IRS Form W-2 and/or Form 1099 – this is new for 2017!
- February 15: All returns claiming the EITC or ACTC have refunds held until this date
- March 15: Corporations and S-Corp returns are due (or requests for extensions)
- April 18: Individual and Partnership returns due (or requests for extensions)
- April 18: Last day to make 2016 IRA contributions
- September 15: Extended corporation and S-Corp returns due
- October 16: Extended individual and partnership returns due
Remember, these are just a sampling of the key dates. The IRS has a multitude of tax deadlines. There are many variables that may change the tax deadlines for individuals and businesses. Keeping track of what’s new for 2017 and how to stay compliant can be confusing. Let us help! Give us a call today. We’ll help you manage these deadlines and minimize the tax stresses of 2017.