Streamlined Tax Filing: IRS Enhancements and Deadlines
The tax filing season for 2023 is fast approaching, with the official start date set for January 29. This marks the beginning of a period during which taxpayers are required to file their federal income tax returns. The Internal Revenue Service (IRS) expects to receive nearly 130 million individual tax returns by the deadline, with over 93% expected to be e-filed. This high percentage of electronic filing reflects the increasing trend of taxpayers opting for the convenience and efficiency of electronic filing.
Taxpayers have the option to file their returns electronically or through mail. However, the IRS anticipates that a vast majority of returns, approximately 93%, will be e-filed. One of the key benefits of electronic filing is the prompt issuance of tax refunds. The IRS generally issues refunds within about three weeks after returns are electronically filed. This expedited process has made electronic filing the preferred method for many taxpayers, especially those eager to receive their refunds in a timely manner.
Electronic filing also offers advantages such as reduced errors, confirmation of receipt, and the ability to track the status of the return and refund. With electronic filing, taxpayers can use direct deposit for their refunds, further expediting the process. The efficiency and accuracy of electronic filing contribute to a smoother experience for both taxpayers and the IRS.
The IRS has made significant improvements to its filing system, aiming to enhance the overall experience for taxpayers. These improvements were made possible by funding from the Inflation Reduction Act. IRS Commissioner Danny Werfel expressed confidence in the agency’s efforts, stating, “As our transformation efforts take hold, taxpayers will continue to see a marked improvement in IRS operations in the upcoming filing season.”
Some of the improvements include enhanced digital correspondence, expanded hours at Tax Assistance Centers, and streamlined processes for issue resolution. These enhancements are designed to provide taxpayers with better support and resources throughout the filing process. The IRS has also outlined various key dates and deadlines during the tax filing season, including the deadline for filing tax returns without an extension, which falls on April 15.
As the 2023 tax filing season approaches, taxpayers should be aware of the key dates, the option for electronic filing, and the improvements made by the IRS. With the majority of returns expected to be e-filed and refunds issued within three weeks of electronic filing, taxpayers can look forward to a streamlined and efficient process. The IRS’s commitment to enhancing its operations and providing better support for taxpayers demonstrates a proactive approach to improving the overall tax filing experience. By staying informed and taking advantage of electronic filing options, taxpayers can navigate the upcoming tax filing season with confidence.
The information provided in this article is for general informational purposes only and should not be considered as financial advice.