In the tax filing world there is buzz that the IRS has started accepting e-filed returns.
If you are someone who: 1. keeps up on tax news (you total tax nerd), 2. prepared your 2013 tax return early (you don’t procrastinate) or 3. wants to get your 2014 tax refund as soon as possible (you have a pile of bills stacking up), chances are you probably heard about the IRS accepting 2013 e-filed tax returns earlier than planned.
Yes, it’s true. Months ago, the IRS announced e-filed returns would be accepted starting on January 31, 2014 and today, which is not the last day of the month, the IRS is accepting e-filed returns. Thank-you-IRS-for-the-curve-ball. If you are among the early tax preparers for 2014, the curve-ball is to your benefit. Well, sorta. The IRS is currently accepting e-filed returns, however, they will not begin to process the returns until the original date of January 31, 2014. With that said, don’t plan on receiving your tax refund any earlier than planned.
IRS Accepted Returns Last Week as Part of Test Program
It’s also good to know, the IRS accepted some 2013 tax returns last week as part of their “test program”. The IRS test program is basically the IRS testing their e-file system before the actual opening day of e-filing. Wondering why they would do such a thing? If you fail to plan, you plan to fail. Meaning, the IRS uses the test program to avoid a horrible (Healthcare.gov type) situation from happening.
Is RapidTax filing returns early?
RapidTax started accepting 2013 tax returns at the start of 2014. That means, if you prepared your tax return early with RapidTax, our team of tax experts is hard at work reviewing each for accuracy, to submit to the IRS. (The early IRS e-filing date is as shocking to us, as it is to you.) Over the next few days, if you notice your tax return was accepted by the IRS, give yourself a pat on the back for preparing your 2013 return early.
To sum it all up, if you notice your e-filed 2013 tax return has been accepted earlier than January 31st, don’t panic or in another case, don’t get over excited. Yes, it’s legit. No, you might not get your 2014 tax refund early. Then again, we should always expect a curve ball (or two).
1/29/2014: Photo via Caden Crawford on Flickr