The Internal Revenue Service (hereinafter the “Service”) announced that it will commence accepting tax returns electronically filed on January 20^th of 2015. Hard copy tax returns will also be accepted and processed starting on this date as well.

The Service’s decision follows the passage of the tax extenders package into law on December 19, 2014 which retroactively reinstated over 50 tax incentives that had previously expired on December 31, 2013.  “We have reviewed the late tax law changes and determined there was nothing preventing us from continuing our updating and testing of our systems,” said IRS Commissioner John Koskinen in a prepared statement. “Our employees will continue an aggressive schedule of testing and preparation of our systems during the next month to complete the final stages needed for the 2015 tax season.”

The Service reminded taxpayers that the e-filing of tax returns is the most accurate way to file a tax return and the fastest way to get a refund, adding that there is no advantage to taxpayers filing tax returns on paper in early January, instead of waiting for e-filing to commence on January 20^th.

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