What's Happening?
The Internal Revenue Service (IRS) is facing speculation regarding a potential delay in the start of the upcoming tax season. Former IRS Commissioner Billy Long suggested that the filing season might begin around President's Day, February 16, 2026, rather than the traditional late January start. This change could give taxpayers approximately two months to file their returns. Despite the potential delay, tax professionals are advising taxpayers to begin preparations now. IRS data indicates that less than 13.2 million taxpayers filed immediately in 2025, a decrease of 14% from the previous year. Additionally, a survey by IPX1031 revealed that nearly a third of Americans procrastinate on filing taxes, with 21% unaware of the tax deadline.
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Why It's Important?
The potential delay in the start of the tax season could impact millions of Americans who rely on timely refunds. While some taxpayers may not notice the change, those who typically file early might experience delays in receiving their refunds. Tax professionals emphasize the importance of early preparation to avoid stress and financial missteps. Adjusting withholdings, organizing documents, and reviewing financial situations are recommended steps to mitigate potential issues. The delay could also affect tax planning strategies, especially for those who experienced significant life changes or were dissatisfied with previous tax outcomes.
What's Next?
Taxpayers are encouraged to take proactive steps in preparation for the upcoming tax season. This includes reviewing last year's tax returns, adjusting withholdings, and organizing necessary documents. Tax professionals suggest meeting with experts to strategize and address any recent tax law changes or personal financial changes. As the potential delay looms, taxpayers should remain vigilant and informed to ensure a smooth filing process.
