April 18th Filing Deadline Nears

Posted on Tuesday, April 12, 2016

As the April 18, 2016 filing deadline quickly approaches, the IRS is processing millions of returns and issuing refunds that so far total over $175 billion. The agency reports it is on track to complete a successful filing season as the eleventh hour rush of returns gets underway.

Deadline looms

The filing deadline to submit 2015 tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. The filing deadline shifts to April 18 because the District of Columbia celebrates Emancipation Day on Friday, April 15. Taxpayers in Maine and Massachusetts get an additional day to file because of a state holiday. The deadline will be Tuesday, April 19, in Maine and Massachusetts.

Returns filed

In December 2015, the IRS cautioned that late year-end tax legislation could delay the start of the 2016 filing season. The IRS was able to quickly reprogram its processing systems for year-end tax legislation and launched the 2016 filing season on time. Since late January, the IRS has received some 75 million returns out of the approximately 140 million it expects to receive by April 18. By far, the vast majority of returns have been filed electronically.

Refunds

As of mid-March, the average tax refund was $2,945, which reflects a 0.2 percent increase from the $2,938 average refund at the same time last year. Some 53.3 million refunds have been directly deposited into taxpayers’ financial accounts without the issuance of a paper check. The average direct deposit refund as of March 4 was $3,078. Almost $164.1 billion in refunds have been issued to taxpayers via direct deposit.

Extensions

Taxpayers who are not on track to file their returns by the April 18 deadline can seek an extension of time to file, but not to make payment of any taxes due. All requests for extension of time to file must be made by the regular due date of the taxpayer’s return to avoid penalties. Form 4868, Application For Automatic Extension of Time To File U.S. Individual Tax Return, may be filed electronically or on paper.

www.irs.gov

Posted in Tax Topics For Individuals

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