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MARCH 2024

Upcoming Tax Deadlines

March 1: Farmers and fishermen must file 2023 tax returns if they did not make an estimated tax payment in January. March 10: Employees who earned $20+ in tips in February must report them to employers. March 15: S-Corporations and Partnerships must file their 2023 tax returns (Form 1120-S or 1065) or request an automatic 6-month extension.

MARCH 2024

Watch Out For Common Filing Errors

Many tax return errors cause IRS processing delays or penalties. Common mistakes include incorrect Social Security Numbers, math errors, banking details, and filing status. Taxpayers should double-check their forms and ensure eligibility for deductions and credits. Expired ITINs and incorrectly filed Schedule K-1s for partnerships/S-corporations are common problems. A tax professional can help avoid these errors.

MARCH 2024

Changes in your Refund or Tax Due

Some taxpayers may receive IRS letters regarding adjustments to their tax returns. These changes could be minor corrections or significant modifications affecting refunds or tax due. Refunds may also be offset to cover past-due debts such as child support, federal tax, or student loans. If your refund is different than expected, check the IRS “Where’s My Refund?” tool: IRS Refund Status.

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