Today is a big day for our tax pros. The IRS is officially accepting e-Filed and paper tax returns, kicking off the 2015 filing season. E-File is the most accurate way to file a tax return and the fastest way to get a refund.
In fact, most tax return preparers are required to use e-File if they expect to prepare and file 11 or more Forms 1040, 1040A, 1040EZ and 1041 during a calendar year (unless the preparer or a particular return is administratively exempt from the e-File requirement or the return is filed by a preparer with an approved hardship waiver). The IRS provides more details on these requirements, as well as information on how to explain paper returns to clients and how to request a hardship waiver. And if you are filing paper returns, the IRS shared that with recent budget cuts they have a smaller staff to process paper returns and there may be delays.
The decision for the IRS to open as scheduled on Jan. 20, 2015, follows Congress passing the Tax Increase Prevention Act of 2014 (TIPA), renewing a number of “tax extenders” that expired at the end of 2013. With President Obama signing the bill into law, these tax breaks have been renewed through the end of 2014.
We know this is a busy and sometimes chaotic time for tax pros. As clients begin collecting and sharing all of their tax documents, you’ll likely find yourself elbow deep in returns, completing and filing countless forms with speed and accuracy.