• Deadline is April 15, 2020
• Expects 150 million individual tax returns for 2019

The Internal Revenue Service, IRS has opened the 2020 tax filing season as the agency begins accepting and processing federal tax returns for tax year 2019.

The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020.  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 April 15 tax deadline.

“The IRS workforce has worked for nearly a year to prepare for the opening of tax season,” said IRS Commissioner Chuck Rettig.

“Our dedicated employees are committed to help taxpayers, process tax returns and serve the nation − not just through the April 15 tax deadline but throughout the year.”

The IRS expects about 90 percent of individuals to file their returns electronically.

“Filing electronically and choosing direct deposit remains the fastest and safest way to file an accurate income tax return and receive a refund,” according to the Commissioner Chuck Rettig.

“The IRS reminds taxpayers there are many options to get help,” Rettig said.

“Our website has around the clock information available and is the fastest way to get assistance. We’ve made improvements to the Free File program and filing electronically with direct deposit remains the best way to speed refunds and minimize errors.

As always, experts in the nation’s tax professional community stand ready to help people navigate their tax issues. And we also remind people our IRS-trained community volunteers are ready to help file tax returns in locations across the country.”

Revised 2019 Form 1040 includes virtual currency questions

Using feedback from taxpayers and the tax professional community, IRS revised the Form 1040, U.S. Individual Income Tax Return, for tax year 2019.

Taxpayers will use fewer schedules to supplement the base Form 1040 as six schedules were consolidated into three numbered schedules.

In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments to Income.

The Internal Revenue Code and regulations require taxpayers to maintain records that support the information provided on tax returns. Taxpayers should maintain, for example, records documenting receipts, sales, exchanges or other dispositions of virtual currency and the fair market value of the virtual currency.

“Virtual currency is an important addition to the 1040 this year,” Rettig said.

“This emerging area is a priority for the IRS, and we want to help taxpayers understand their obligations involving virtual currency. We will also take steps to