Beginning of filing season. IRS will begin accepting electronic and paper tax returns on Jan. 29, 2018. IRS noted that many software companies and tax professionals will be accepting tax returns before Jan. 29and then will submit the returns when IRS systems open. Although IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February.
Refunds. IRS anticipates that over 90% of refunds will be issued in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Code Sec. 6402(m) provides that IRS cannot issue refunds on tax returns claiming the EITC or the ACTC before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if those taxpayers chose direct deposit and there are no other issues with the tax return.
After refunds leave IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. Many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving Presidents' Day may affect their refund timing.
The "Where's My Refund" tool on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers in late February. Taxpayers will not see a refund date on "Where's My Refund" or through their software packages until then. IRS, tax preparers and tax software will not have additional information on refund dates, so "Where's My Refund" is the best way to check the status of a refund.
April 17 filing deadline. The filing deadline to submit 2017 tax returns is Tuesday, Apr. 17, 2018, rather than the traditional April 15 date. In 2018, April 15 falls on a Sunday, and this would usually move the filing deadline to the following Monday, which is April 16. However, Emancipation Day—a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation's filing deadline to Tuesday, Apr. 17, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
Reference: United States Tax Reporter