Monday marks an important day for franchised, independent and buy-here, pay-here dealerships that anticipate a boost in retail vehicle sales in connection with their customers receiving an income tax refund.
The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, when the tax agency will begin accepting and processing 2019 tax year returns.
The IRS pointed out the deadline to file 2019 tax returns and pay any tax owed is April 15. Officials said more than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.
“As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help,” IRS commissioner Chuck Rettig said in a news release.
“We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation’s tax community are committed to making this another smooth filing season,” Rettig continued.
The IRS explained that it set Monday as opening date to ensure the security and readiness of key tax processing systems and to address the potential impact of recent tax legislation on 2019 tax returns.
While taxpayers may prepare returns through the IRS’ Free File program as well as many tax software companies and tax professionals before the start date, the IRS reiterated that processing of those returns will begin after IRS systems open on Monday.
“The IRS encourages everyone to consider filing electronically and choosing direct deposit,” Rettig said. “It’s fast, accurate and the best way to get your refund as quickly as possible.”