IRS

IRS Announces Exciting Updates for 2024 Tax Filing Season

Get ready, taxpayers! The IRS is gearing up for the 2024 tax season with some important announcements.

Taxpayers, mark your calendars! The IRS has officially set January 29, 2024, as the kick-off date for the 2024 tax filing season. From that date until April 15, taxpayers will have the opportunity to file their returns and ensure compliance with the IRS requirements. The agency is expecting a staggering number of tax returns, with over 128.7 million estimated to be filed by the April deadline.

In a surprising move, the IRS is offering $1 billion in automatic penalty relief to around 4.7 million taxpayers who have outstanding balances. This gesture aims to provide some relief to those who may have struggled to pay their dues on time. Additionally, the IRS will be accepting both paper and electronic tax returns starting on January 29.

Furthermore, for those eager beavers who like to file early, the IRS will begin accepting and processing 2023 federal income tax returns on the same day, January 29. This means that individuals can get a head start on sorting out their tax obligations for the previous year.

In a unique twist, IRS criminal investigators have been undergoing training sessions that touch on a wide range of investigative areas, including money laundering, public corruption, counterterrorism, and narcotics trafficking. This additional training showcases the diverse skill set of the IRS employees who work behind the scenes to ensure tax compliance and investigate financial crimes.

As tax season approaches, remember to stay updated on the IRS announcements and guidelines to make your filing process as smooth as possible. With new initiatives and relief measures in place, the 2024 tax season promises to be an eventful one.