Janice R. Andrews
Today is the formal start of the tax filing season in the United States, when the Internal Revenue Service (IRS) commences the receipt and processing of federal tax returns for the year 2023. Over the course of the next few months, it is expected that some 130 million tax returns will be filed; taxpayers who do not request an extension have until April 15 to file their taxes.
Over 93% of these files, according to IRS projections, will be made electronically, giving taxpayers the option to submit on paper or electronically. Electronic filing along with direct transfer is advised for individuals looking for the easiest and fastest option; refunds are usually processed in three weeks.
With money from the Inflation Reduction Act, significant improvements to the IRS filing system have been put into place. Improved digital correspondence, longer Tax Assistance Centre in-person hours, shorter IRS contact centre wait times, and an upgraded “Where’s My Refund?” tool are all now available to taxpayers.
Taxpayers may expect a discernible enhancement in IRS operations during the forthcoming filing season, according to IRS Commissioner Danny Werfel, who voiced confidence in the ongoing transformation initiatives.
Important Days in the Tax Filing Season:
Wednesday, January 31st:
- W-2 forms must be sent to workers by mail or electronic means by their employers.
- Certain 1099 statements must be given by businesses to beneficiaries.
Thursday, February 15th:
- For those claiming the extra child tax credit (ACTC) or earned income tax credit (EITC), the IRS starts to issue tax refunds.
- Brokerage 1099 statements are required to be given to recipients by companies.
March 15, Friday:
- It is necessary for investors and partners in partnerships to file their partnership returns.
April 15, Monday:
- Tax Day Is Here! The deadline for filing tax returns, with the option for an extension.
- The final day to make contributions to an individual 401(k), HSA, Roth IRA, SEP IRA, or regular IRA.
- The last day to file Form 114, Foreign Bank and Financial Accounts, for accounts that are worth more than $10,000.
- Employers in households are required to submit Schedule H and pay employment taxes.
- The first installment for 2024 should be made by taxpayers who are making projected payments.
June 17, Monday:
- American taxpayers serving overseas or in the military need to have submitted their tax returns or asked for an automatic four-month extension.
- The second installment for 2024 should be made by taxpayers who are paying projected payments.
September 16th, Monday:
- With a six-month delay, investors and partners are required to file their partnership return.
- The third installment for 2024 should be made by taxpayers who are paying projected payments.
Tuesday, October 15th:
- Final day for individuals who requested a six-month delay to file their federal tax returns for 2023.
- The deadline for contributing to a solo 401(k) and SEP IRA in 2023, if the employer filed for an extension by April 15.
