The IRS says it's ready to handle tax season and another stimulus check at the same time

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Barbara Smith
·2 min read
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Stimulus Checks
Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. Jeff Fusco/Stringer
  • IRS Commissioner Charles Rettig says the agency will be able to handle tax season coupled with another possible stimulus check.

  • Tax returns will be accepted starting February 12, a few weeks later than past years.

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With President Joe Biden officially in office, there may be new stimulus checks coming down the pipeline. However, tax season is also on the horizon.

Internal Revenue Service commissioner Charles Rettig said in a recent interview that the agency is "ready to serve and assist the American people," even if the two coinciding events make busy work at the federal agency.

Earlier this month, Biden unveiled another stimulus package proposal that would give those who are eligible another $1,400 to bring the total up to $2,000. If approved, those checks could possibly go out around the same time the IRS begins processing tax returns. (The IRS will begin aaccepting 2020 income tax returns starting February 12.)

"We have millions of tax returns still in process, but they all are in process, what we've received," Rettig said.

The delay in returns is due to the fact that the agency was closed for a few months at the beginning of the pandemic. When offices did reopen, the agency had over 23.4 million pieces of unopened mail, MarketWatch reported.

For the quickest turnaround time, the IRS suggests filing taxes electronically with direct deposit info.

Tax season also allows those who did not receive a stimulus check the ability to apply a "recovery rebate" to get whatever money they didn't receive in the first payouts. The later date also removes the risk of a "delay [for] low- and middle-income families receiving refunds that claim the earned income tax credit (EITC)," according to The Hill.

Read the original article on Business Insider