IRS is delaying beginning tax returns till February 12th

The Internal Revenue Service (IRS) building in Washington, D.C.

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According to an announcement by the agency on Friday, the IRS is delaying the start of the 2020 tax return season to February 12th.

From this date, the IRS will accept and process last year's tax returns.

Usually the agency opens the tax season in late January.

This year, however, the IRS will need more time to prepare after the Covid Aid Act that came into effect at the end of December.

"If filing season started without proper programming, there could be delays in getting refunds to taxpayers," the IRS said in its announcement.

"These changes ensure that eligible individuals receive the remaining stimulus money as a repayment discount when they submit their return," the agency said.

The Refund Credit is a new addition to the federal income tax return and is available to Filers who have not received the full incentive to which they are entitled.

"While I am disappointed that this year's filing season is starting later than usual, I note that the IRS has faced extraordinary challenges throughout the COVID crisis," said Richard Neal, chairman of the House Ways and Means Committee, D-Mass.

"It's a relief to know that despite the two-round distribution of payments for economic impact, facility closures, and other disruptions, the agency can start accepting returns within the next month," he said.

The IRS recommends taxpayers file their tax returns electronically and make the direct deposit when they're ready.

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