This will be the first tax season since the Coronavirus in which the IRS should not be dramatically impacted by the COVID-19 pandemic. The IRS has hired more than 5,000 telephone assistors and in-person support staff as part of the recently enacted Inflation Reduction Act, so we hope that this tax season will be the first in many years without significant delays and issues.
Acting IRS Commissioner Doug O’Donnell has commented that “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. 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. That’s just the start as we work to add new long-term transformation efforts that will make things even smoother in future years. We are very excited to begin to deliver what taxpayers want and our employees know we could do with this funding.”
The IRS continues to recommend that Taxpayers e-file returns to ensure quick processing of the return filing. Direct deposit is also recommended for the fastest refund processing.
The IRS estimates that most Taxpayers will receive tax refunds within 21 days of e-filing. Returns claiming the Earned Income Tax Credit or Additional Child Tax Credit will not see refunds until February 28th.
Taxpayers – you have from January 23rd to April 18th, 2023, to file your 2022 tax return or an extension of time to file your 2022 tax return. It’s time to get ready! Make sure you have remitted all necessary Estimated Tax Payments by the Q4 deadline of January 17th, begin collecting the information you’ll need to prepare your tax return, and establish a relationship with a tax professional who can assist you in preparing and filing your 2022 return. Have questions or need help? Contact Bryson Law Firm today.