Topline
The Internal Revenue Service has announced it will begin accepting tax returns on January 23—kicking off the 2023 tax season—and announced other key deadlines for the tax season.
Key Facts
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.
The agency expects more than 168 million Americans to file their taxes.
With the past three tax seasons being impacted by the pandemic, the IRS has taken on measures that would ensure Americans can file their returns in a more streamlined manner.
As part of the Inflation Reduction Act the agency hired more than 5,000 customer service representatives to help answer questions over the phone and provide other services for taxpayers (the key help line is: 1-800-829-1040 and online tools or resources can be found on the IRS website).
The IRS free file program will open ten days earlier on January 13 and taxpayers who made less than $73,000 in 2022 can file for free using brand-name software used by commercial tax filing companies.
The agency will use January 27 to raise awareness for those eligible for the Earned Income Tax Credit (EITC), the tax credit that helps low-and-moderate income workers and families.
The IRS also announced in November tax returns in 2023 could be smaller as taxpayers will not receive additional stimulus payments in their refund due to no Economic Impact Payments in 2022.
Tax refunds are also expected to be issued in 21 days or less should taxpayers choose the direct deposit option when filing electronically, though the IRS says it can not issue refunds that include tax credits such as the EITC and the Additional Child Tax Credit (ACTC) until mid-February due to the 2015 PATH Act which provides the IRS additional time to prevent fraudulent refunds being issued.
The IRS is also providing other free services, such as their Volunteer Income Tax Assistance and Tax Counseling for the Elderly for qualified individuals.
Crucial Quote
“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. 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.
Important Tax Dates
Jan. 13: IRS Free File opens
Jan. 17: Due date for tax year 2022 fourth quarter estimated tax payment.
Jan. 23: IRS begins 2023 tax season and starts accepting and processing individual 2022 tax returns.
Jan. 27: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
April 18: National due date to file a 2022 tax return or request an extension and pay tax owed due to the Emancipation Day holiday in Washington, D.C.
Oct. 16: Due date to file for those requesting an extension on their 2022 tax returns.