Although the government shutdown had many worried that 2018 tax season would be delayed, the IRS has confirmed that it will begin accepting 2018 returns on January 28th this year, and will be issuing refunds on a regular schedule. The deadline for submitting 2018 returns will be Monday, April 15th 2019.

Some important things to note this filing season

• Forms 1040A (used for those who claim certain tax credits but do not itemize their deductions) and 1040EZ (used for those who don’t claim any tax credits or deductions) are no longer available. All individuals are required to file form 1040 this year. Check out our blog, IRS Releases Shorter Form 1040 and Schedules for Upcoming Tax Season.
• Massachusetts and Maine residents will have until April 17th to get their 1040s in, due to Patriot’s Day (MA holiday) falling on April 15th and Emancipation Day (ME holiday) falling on April 16th.
• Form 1065-B cannot be filed for tax years beginning after 2017. This form was previously used to report a partner’s share of the partnership’s income, deductions, credits, etc.

Are there any benefits to filing right when tax season officially begins?

There are a few benefits to preparing your returns earlier rather than later—namely blocking identity theft more successfully by filing before a fraudster can. The other advantage is that refunds tend to be issued more quickly before the volume picks up later in March and April.

Tackling TCJA changes this tax season

There are a number of changes from the December 2017’s Tax Cuts and Jobs Act that take effect this filing season. Check out our Tax Reform Center for everything you and your business need to know.

Questions? Contact us.