2023 IRS TAX REFUND UPDATE - TAX DEADLINE!!! New Refunds, Extensions, Delays, Tax Payment Options

Описание: On today’s IRS tax refund update we are just days away from the tax filing deadline so we will recap the latest this tax season and we will take a look some of key issues causing delays for the processing of tax returns and issuing of tax refunds. Meanwhile for those taxpayers who will be owing the IRS and cannot afford to pay the amount owed in full we will recap some of the options available, and why those who have had their refunds claimed by someone else due to fraud may have to wait over 1 year for a resolution. Meanwhile we are just days away from the tax filing deadline of April 18th. However, for most residents of California and parts of Alabama and Georgia now have until October 16th to file their taxes due to FEMA disaster declarations due to storms impacting those states. Those impacted in New York due to winter storm and snowstorms have until May 15th to file their federal taxes, and Arkansas and Tennessee storm victims have until July 31st to file their taxes. Do make sure to check the IRS website to confirm you are in eligible areas of those states. For those who still need more time to file their taxes beyond the April 18th deadline you can in fact file an extension either online or by filling out IRS form 4868 which will give you until October 16th to file. However, if you do owe the IRS you will have to make a tax payment for the balanced owed before the tax season ends. You will be able to do so by completing your taxes without officially submitting them to get an amount in which you will owe the IRS. Now if you are ready to file your taxes or already have and owe the IRS, however, cannot pay the full balance owed you do have some options. The first thing to do is go to the IRS website and visit the offer in compromise pre-qualifier as seen here. This tool will ask you a series of questions relating to your financial situation including assets, income and expenses and if you qualify the system will generate a proposed payment amount less than the full amount owed. Now if the system says you do not qualify your next step is to fill out IRS form 1127 which is an Application for Extension of Time for Payment of Tax Due to Undue Hardship. You will need to state the reason for the extension as well as any supporting documentation for the IRS to review.



0:00 Introduction
0:24 Tax Recap
0:50 Filing Deadline
1:19 Tax Extension
1:43 Tax Payment option
2:24 Installment Agreement
2:53 ID Theft
3:23 ID Verification
3:48 Closing



Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.


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