Tax season to begin January 23, IRS says
Taxpayers have until April 18 to file taxes or request extension
IRS to begin sending 1099-K forms for some payments
Sen. Mike Braun, R-Ind., explains the details regarding the IRS starting to send out 1099-K forms for some payments on ‘Fox Business Tonight.’
The Internal Revenue Service said Thursday that it will begin accepting 2022 individual income tax returns on Jan. 23, with officials promising key improvements this filing season.
Most taxpayers will have until Tuesday, April 18 to submit their returns or request an extension. That's because April 15, the typical deadline, falls on a Saturday, and April 17 is the Emancipation Day holiday in Washington, where the IRS is headquartered.
"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," acting IRS Commissioner Doug O’Donnell said in a statement. "We’ve trained thousands of new employees to answer phones and help people. While much work remains after several difficult years, we expect people to experience improvements this tax season."
IRS ISSUES 12 MILLION TAX REFUNDS AFTER CORRECTING FOR 2020 UNEMPLOYMENT BENEFIT BREAK
Forms 1040 and W-2 from the Internal Revenue Service. (iStock / iStock)
The majority of taxpayers can typically expect to receive a refund from Uncle Sam. For many families, the money can be substantial: Nearly three-quarters of filers received a tax refund in 2022, with an average payment worth about $3,176 – up from about $2,800 in 2021.
In order to receive your refund within 21 days of filing, the IRS has cautioned that you must file your return electronically, ensure that it is accurate and complete and request to receive the refund via direct deposit.
STILL MISSING YOUR TAX REFUND? THE IRS WILL SOON PAY YOU 7% INTEREST
However, the tax-collecting agency warned that some returns may require "additional review" and take longer to process if their systems identify any errors; if there are mistakes on the return; or if it suspects theft or fraud.
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C., U.S., on Friday, March 19, 2021. (Samuel Corum/Bloomberg / Getty Images)
On top of that, the IRS is warning of a pain point for early taxpayers hoping to collect the earned income tax credit, a tax break for low- to moderate-income workers, or additional child tax credit: If you claim either tax credit, the IRS cannot issue your refund before mid-February.
The agency previously cautioned taxpayers to prepare for smaller refunds this year because there were no stimulus payments delivered by the federal government in 2022. In 2021, the IRS delivered a third round of stimulus payments worth up to $1,400 per person. Eligible Americans could claim unpaid funds on their tax return.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Refunds may be smaller in 2023," the IRS said in a November news release about preparing for the upcoming tax season. "Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022."