NEW FOR 2024 TAX SEASON|2023 TAX RETURNS| 2024 TAX CHANGES FOR FASTER REFUNDS

Описание: 2024 TAX CHANGES. Get ready to file in 2024: What’s new and what to consider?

IRS announces delay in Form 1099-K reporting threshold for third party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation. Avoid refund delays and understand refund timing. Timing of a refund after the IRS receives a tax return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a 2023 federal tax refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer to process if IRS systems detect a possible error, the return is missing information or there is suspected identity theft or fraud.

Also, the IRS cannot issue refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law requires the IRS to hold the entire refund – not just the portion associated with the EITC or ACTC. The IRS expects most EITC and ACTC related refunds to be available in taxpayer bank accounts or on debit cards by Feb. 27, 2024, if the taxpayer chose direct deposit and there are no other issues with the tax return.
Before filing 2023 tax returns, make sure you have forms W-2 from employers, Forms 1099 from banks or other payers, Forms 1099-K from third party payment networks, Forms 1099-NEC for nonemployee compensation, Forms 1099-MISC for miscellaneous income or Forms 1099-INT for interest paid, as well as records documenting all digital asset transactions. Speed tax refunds with direct deposit filing electronically and choosing direct deposit is the fastest way for taxpayers to get their tax refund. Direct deposit gives individuals access to their refund faster than a paper check.

Here’s the latest update on your 2023 amended tax refunds and your regular tax refund status update. The IRS is still processing your delayed tax returns and delayed mail correspondence.
2023 tax refund update. The IRS will be paying you interest on your delayed tax refunds. Check the status of your refund on the where’s my refund tool and the IRS website site. Amended tax return status can be checked on the where’s my amended return tool on irs.gov. You can login into your irs account and check your online transcript for refund status update. You can also call the tax payer advocate service for help with your delayed tax refunds.

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DISCLAIMER
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Just sharing for informational purposes. You can go directly to website listed In video for all information. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.

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