Tax Season to Open on January 23 for Individual Filers

It’s official! Individual filers will begin tax season on January 23, according to the IRS Announcement Thursday.

Most taxpayers need to file their federal returns and pay the balance by April 18th this year in order to avoid interest and penalties.

“This filing season is the first to benefit the IRS and our nation’s tax system from multi-year Finance Inflation Reduction Act,” stated Doug O’Donnell, acting IRS Commissioner. “With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year.”

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The IRS usually issues tax refunds within 21 days. However, there have been occasions when the IRS has taken longer. Notification to taxpayers You shouldn’t rely on your 2022 federal refund being received on a particular date. 

Some returns may be required by the agency “additional review” It may take longer to process if an IRS system finds an error, missing information, or suspects identity theft or fraud.

What’s more, if you’re claiming the earned income tax credit — a tax break for low- to moderate-income workers — or an additional child tax credit, the IRS can’t issue your refund before mid-February, according to the agency.

As of Dec. 23, there were still 1.91 million individual returns unprocessed by the agency Received in 2022Returns for 2021, as well as late-filed returns. These returns are required for approximately 1.49 million people. “error correction” Or “other special handling,” According to the IRS 414,000 paper returns are included.