The Internal Revenue Service has announced it will start federal tax filing season on Friday, February 12, 2021. For the benefit and convenience of taxpayers and tax advisers, Rhode Island tax returns season begins on the same day.
As a result, Rhode Island Taxes will officially begin accepting and processing electronically filed income tax returns and paper returns on Forms RI-1040 and RI-1040NR on February 12th.
However, for low-income taxpayers, the department has already begun accepting and processing stand-alone RI-1040H (Rhode Island Property Tax Relief Claim) forms that have been submitted on paper. This only applies to Form RI-1040H submitted on paper. The department will not accept electronic returns using the RI-1040H until February 12th. Although the department is now accepting the paper-filed stand-alone Form RI-1040H, the department is reminding applicants that paper returns will take time to process. Therefore, applicants for stand-alone paper returns on Form RI-1040H should allow at least two weeks to process their returns and issue refunds (provided a complete and accurate form is submitted and the taxpayer is eligible for a refund).
The official start of the registration season usually takes place at the end of January of a given year. This year, the official start is on February 12th to give the IRS time to do additional programming and testing of IRS systems after changes to federal tax law that came into effect on December 27, 2020, a second round of payments for economic impact and other measures had provided provisions. For more information, see go.usa.gov/xAVxt. Preparers and taxpayers typically prepare the federal return before preparing the Rhode Island declaration and filing both at the same time.
As in previous years, some tax preparation software providers may give tax writers and taxpayers the option of filing tax returns in advance. In such cases, vendors can hold the electronically submitted returns until the official start date of the registration season.
The RI-1040H form can be downloaded from www.tax.ri.gov/forms/2020/Income/2020%20RI-1040H_w.pdf.
The department will begin accepting and processing electronically filed income tax returns, including electronically filed returns using Form RI-1040H, on Friday, February 12.
“We encourage everyone to submit electronically. Electronic filing is faster, leads to fewer errors, and generates refunds faster, ”said Neena Savage, Rhode Island Tax Administrator. “In addition, electronic filing is the only way for a taxpayer to receive a personal Rhode Island income tax refund through direct deposit.” (Paper binders must be refunded by check.)
E-filing also saves the cost of tax sharing, which in turn saves money for all taxpayers, Savage said. It is also important to note that Paid Preparers must comply with the Rhode Island E-File Mandate under general Rhode Island laws, Section 44-1-31.1 (“Paid Tax Return Preparers Electronic Filing)” and Regulation 280 -RICR-20 are subject to -30-2 (“Electronic filing for paid creators”).
BUSINESS RETURNS, FIDUCIARY RETURNS:
The department has already begun accepting and processing business returns on Form RI-1065 (“Partnership Income Declaration”), Form RI-1120S (“Subchapter S Corporate Tax Return”), and Form RI-1120C (“Corporate Tax Return”) . ), whether submitted electronically or on paper. In addition, the department has already started accepting and processing returns on Form RI-1041 (“Escrow Income Tax Return”), regardless of whether they were submitted electronically or on paper. The department advocates filing corporate and escrow tax returns electronically because it is faster, causes fewer errors, and generates refunds more quickly. Paid creators are also subject to the legal and regulatory requirements for mandatory electronic filing.
Registration deadline is April 15, 2021:
The usual deadline for filing and paying personal income tax in Rhode Island each year is April 15th. In a few years, the deadline was postponed to other days, as April 15 was a weekend or Emancipation Day holiday in Washington, DC (which the IRS is monitoring). This season, the deadline for submission and payment is Thursday, April 15, 2021.
All Rhode Island resident and non-Rhode Island resident income tax returns and related payments for the 2020 tax year must be emailed or stamped on or before April 15, 2021. (Extensions by six months are permitted, but they are extensions of the registration period, not payable in time.)
In total, the division expects more than 650,000 resident and non-resident income tax returns for the 2020 tax year this year. April 15 is also the deadline for paying the quarterly estimated income tax in the first quarter for the 2021 tax year.