The Internal Revenue Service will begin taking and processing federal tax returns for 2023 on Monday, signaling the start of the country’s tax filing season. Without an extension, taxpayers have until April 15 to file. By the deadline, the IRS anticipates receiving around 130 million individual tax returns, with over 93% of those likely to be e-filed. Forms like 1040, 1040A, and 1040EZ can be electronically filed, or you can submit the agency a paper return. Yet, direct payment and electronic tax filing are the quickest and most straightforward ways to submit a refund claim and get paid back.
After electronically submitted forms, the IRS usually processes refunds in three weeks or less; if you select direct deposit over mailed checks, the process can be completed much faster. Since obtaining funds from the Inflation Reduction Act, the tax filing office has been hard at work enhancing its tax filing system. New features that taxpayers may now take advantage of include better digital correspondence, longer Tax Assistance Centre in-person hours, shorter IRS contact center wait times, and an upgraded “Where’s My Refund?” tool. IRS Commissioner Danny Werfel stated in a news release that “taxpayers will continue to see a marked improvement in IRS operations as our transformation efforts take hold.”
Some Other Important Dates To Be Aware Of During Tax Filing Season
W-2 forms must be sent to employees by businesses by January 31st, either online or by mail. Businesses and businesses are also required to send or electronically deliver certain 1099 documents to recipients by January 31. For taxpayers who have claimed the extra child tax credit (ACTC) or the earned income tax credit (EITC), the IRS is required by law to hold off on issuing tax refunds until after February 15. Today, investors as well as partners in partnerships are required to file their partnership returns. Forms called Schedule K-1s, which reflect a person’s portion of profits, losses, and dividends, are included with partnership returns.