The IRS has announced that Monday, January 29, 2024 is the official start date of the nation’s 2024 Tax Season. It is when the agency will begin accepting and processing 2023 tax returns. However, people can start working on their taxes prior to that, either with a tax professional or software company. January 29th is the first day that the 2023 individual tax returns can be electronically filed with the IRS.
The income tax filing deadline is now July 15. Treasury Secretary Steven Mnuchin announced in a tweet that all taxpayers and businesses will have additional time to file income tax returns and make any payments, without facing interest on payments or penalties for late filing.
Taxpayers may delay filing and paying 2019 Federal income taxes that would have been due on April 15. The new due date is July 15, 2020. This delay applies to taxes due of up to $1 million. This relief applies to all taxpayers, including trusts and estates. Corporations may also delay paying taxes of up to $10 million. Many states, including Massachusetts, have announced that they will follow Federal relief guidelines.
On the MA DOR website, it says: “In the event the Internal Revenue Service (IRS) issues tax relief to taxpayers with federal filing obligations, DOR is prepared to follow the IRS in offering similar relief for taxpayers with Massachusetts tax filing obligations. “
The due date for Federal estimated tax payments that would have been due on April 15 for 2020 is also postponed to July 15.
These measures are being enacted to help Taxpayers navigate through the economic effects of COVID-19 (coronavirus). Individual Taxpayers and Businesses will be able to use the money they would have paid to the IRS to meet other needs during the economic crisis related to COVID-19 containment measures.
The IRS issued a Tax Tip (Issue Number 2020-25) on reasons taxpayers should electronically file (e-file) their taxes.
The IRS top reasons why taxpayers should file electronically are:
It’s safe and secure.
E-file is often free.
It’s available through many convenient options.
It’s accurate and easy.
People who e-file get faster refunds.
It can be used whether a taxpayer is getting a refund or needs to make a payment.
See the IRS Issue Number: Tax Tip 2020-25 for more details.