IRS delays start of tax filing season, local economist says it will affect millions

Local News

RIO GRANDE VALLEY, Texas (KVEO)- The IRS is delaying the start of the tax filing season until February 12th, two weeks later than last year, which could impact millions of Americans.

“There’s still about 7 million unprocessed tax returns filed last year plus the process of the stimulus relief payments,” said Teo Sepulveda, an Economist at South Texas College.

Sepulveda said one reason the IRS is pushing back the start of the tax season is due to the back log from last year and said millions won’t see their tax returns right away.

“We have the two week delay plus the process itself is going to be slower than before so we have to be ready to get it maybe 4 weeks later than usual,” he said.

With many being affected by the pandemic, their tax returns are needed now more than ever. Sepulveda recommends filing their taxes as soon as it opens to ensure a quick turn around. 

“Try doing it as soon as possible without rushing very detailed so that you know all the details because if you do it too fast or rush a lot there can be more mistakes and then you have to correct and that will make the process even slower,” said Sepulveda.

With talks of another round of stimulus checks when President-Elect Joe Biden takes office, Sepulveda said it could add to the wait time in people’s tax returns. 

“It’s advisable to get the stimulus checks to get back to normal but on the other hand we have to understand that that in itself could actually slow down this other typical task to provide people and businesses with their tax returns,” said Sepulveda.  

He adds while the IRS has delayed the start of the tax season, the tax filing deadline is still April 15th.

For more information regarding your tax returns you are urged to visit the IRS website.

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