The delay, according to the IRS, is because the agency cannot issue refunds involving the additional child tax credit (and the earned income tax credit) before mid-February. The agency, by law, is required to use the extra time to prevent fraudulent refunds. The IRS expects to receive more than 128.7 million individual tax returns by the federal deadline. “This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act,” said Acting IRS Commissioner Doug O’Donnell. “With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year.
If you haven’t received your money yet and you’re claiming the credit, you should be able to see your projected deposit date by checking the IRS’ Where’s My Refund tool. Grant Thornton LLP, which offers audit and assurance, tax, and advisory services, has announced “a significant growth investment” with New Mountain Capital, LLC. When you donate to a DAF, you are generally eligible for an immediate tax deduction even if the funds aren’t immediately turned over to charity. The funds are typically invested, and you can make grant recommendations to any qualified public charity. Ditto in the case of an exam or audit where additional tax may be assessed.
Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to conveniently check tax refund status
Some of these situations require us to correspond with taxpayers, but some do not. This work does require special handling by an IRS employee so, in these instances, it may take the IRS more than the normal 21 days to issue any related refund. In those cases where IRS is able to correct the return without corresponding, the IRS will send an explanation to the taxpayer. The IRS continues to reduce the inventory of prior-year individual tax returns that have not been fully processed. As of December 3, 2021, the IRS has processed nearly 169 million tax returns.
Allow for time for the refund check to reach your bank account or mailbox. “As our transformation efforts take hold, taxpayers will continue to see marked improvement in IRS operations in the upcoming filing season,” IRS Commissioner Danny Werfel said in a statement. “IRS employees are working tax season hard to make sure that new funding is used to help taxpayers by making the process of preparing and filing taxes easier.” The IRS has just announced that the start of the 2023 tax season would officially begin on January 23 and is expected to end on April 18—adding an additional three days.
Victims of Wildfires Have Until Jan. 31, 2018, to File …
Learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool. Monday, Jan. 29, 2024, is the earliest date the Internal Revenue Service will begin accepting and processing 2023 tax returns. Many tax preparation companies will take electronic submissions, then file them to the IRS when it’s time. Some returns, both electronic and paper, may require a manual review which may further slow down processing. If the IRS detects a possible error or missing information, it may need to correspond directly with you. This work requires special handling by an IRS employee and may add additional time to your expected tax refund date.
The best reason is that many taxpayers get money back from the government. Wait until the last minute and your return will wait for processing in a very large pile of returns. The next tax season begins on Jan. 1, 2024, with a filing deadline of Monday, April 15, 2024.
Here are some additional key 2024 tax filing season dates:
Fortunately, you can get free help putting together your taxes—and you can always get an extension if you aren’t able to finish in time. Also, there are steps you can take which can get you a refund next year (or a bigger one if you’re in line for money back for your 2022 filing). “The IRS cautions taxpayers not to rely on receiving a 2022 federal tax refund by a certain date, especially when making major purchases or paying bills,” it said in November. After a squishy few years of malleable tax law, thanks to the pandemic, the rules are a lot tighter this year.
The agency expects more than 128 million individual tax returns will be filed before the tax due date. More than 168 million individual tax returns for the 2022 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline. The IRS says more than 9 out of every 10 refunds are issued within three weeks of the day the return is filed. The best place to track where things stand is with the Where’s My Refund? The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do.
