April 1: Employers must electronically file tax forms (e.g., W-2G, 1099, 1095-C, 8027) for 2023. April 10: Employees who earned $20+ in tips in March must report them to employers. April 15: 2023 federal tax returns and first estimated tax payments are due. Corporations must file their tax returns or request a 6-month extension. April 30: Federal unemployment (FUTA) tax deposits and Form 941 for Q1 payroll taxes are due.
The IRS warns that general health and wellness expenses are not tax-deductible and do not qualify for reimbursement through FSAs, HSAs, MSAs, or HRAs. Scammers falsely claim that food, supplements, and wellness products are eligible for reimbursement if accompanied by a doctors note. However, a doctor’s note does not change an ineligible expense into an eligible one. To qualify for tax benefits, an expense must be part of a medical treatment plan for a diagnosed condition. Taxpayers should verify eligibility with their benefits plan administrator before making purchases.
The 2023 federal tax filing deadline is Monday, April 15, 2024 (April 17 for Maine and Massachusetts). Unpaid balances after this date accrue penalties and interest. Taxpayers who cannot file on time should estimate their tax liability and make a payment to reduce penalties. Some taxpayers in federally declared disaster areas may qualify for an extended deadline. Those unable to pay their full balance can apply for an IRS payment plan. IRS Disaster Tax Relief Info: IRS Disaster Relief.
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.
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.
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 “Wheres My Refund?” tool: IRS Refund Status.
February 12: Employees who earned $20+ in tips in January must report them to employers. February 15: Businesses must issue Form 1099 for certain 2023 payments. Individuals who claimed a W-4 tax exemption last year must file a new W-4. February 28: Businesses must file information returns (Forms 1099, 1096, W-2G) for certain 2023 payments.
The IRS is providing automatic penalty relief to 5 million taxpayers with overdue 2020 and 2021 tax balances. Taxpayers do not need to applypenalties will be waived automatically. The relief applies only to balances under $100,000 per return and is valid until March 31, 2024. Those who already paid penalties may receive a refund. Taxpayers can check their updated balances via their IRS online account.
The IRS began accepting 2023 tax returns on January 29, 2024, marking the official start of the tax season. The IRS has introduced new online features such as an updated “Wheres My Refund?” tool, improved paperless processing, and enhanced digital tax account management. New IRS features include: expanded e-filing options, online responses to IRS notices, and digital tools to schedule or cancel payments.
January 10: Employees who earned $20+ in tips in December must report them to employers. January 16: Farmers and fishermen must pay their 2023 estimated tax unless filing by March 1, 2024. January 31: Form 1099-NEC for nonemployee compensation must be filed. Individuals who missed the January 16 estimated tax deadline may file their 2023 return by January 31 to avoid penalties.
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