The IRS opened the 2013 tax return filing season on Friday January 31, 2014. Individuals may now electronically file their 2013 Form 1040 and the IRS will begin issuing refunds on tax overpayments.
While individuals may have previously filed their returns by mail, the IRS was not processing those returns until the 31st. Therefore, refunds to those individuals have not gone out, but they should start receiving the refund checks in the next few weeks. Per the IRS, 90% of individuals should receive their refunds within 21 days of filing. Individuals will receive their refunds sooner if they electronically file their returns and request their refunds to be direct deposited instead of by a check in the mail.
Individuals with more complex returns may still be held up in filing their returns. Not all the forms required to be included with the Form 1040 are available yet, so those returns requiring additional forms and schedules may need to wait a few more weeks to file their returns.
If you need assistance in completing and filing your 2013 tax returns, we at Harris, Burnett and Schmiesing CPAs are knowledgeable and experienced in nearly all aspects of individual taxation. We are taking new clients and would be happy to discuss if our firm would be a good fit for your situation.