Tax FILING SEASON
IRS started accepting 2024 individual income tax returns on Jan. 27.
Returns for individuals and calendar-year C corps are generally due April 15. Taxpayers in all of Ala., Fla., Ga., N.C. and S.C., and parts of Alaska, N.M., Tenn., Va. and W.Va. have until May 1 to file their 2024 federal tax returns and pay tax due. Victims of the recent wildfires in Southern Calif. have until Oct. 15 to file and pay.
The deadline for calendar-year S corporations and partnerships is March 17. Businesses in the states listed above have until May 1 or Oct. 15 to file returns.
We generally expect a smooth filing season…with one potential major caveat.
Current government funding ends on March 14. If no agreement is reached before then to extend funding, many agencies, including IRS, will shutter on March 15.
If the Service has to close down in mid-March, there will be a disruption.
But the impact would be uncertain because a federal government shutdown has never occurred during a tax return filing season. IRS will still process returns, issue refunds and collect payments. But its ability to provide assistance will suffer.
The fastest way to get your tax refund is to file early, file electronically…
And request for the money to be deposited directly into your bank account. If you have to file a paper return, don’t be surprised if your refund check is delayed.
IRS pays most refunds within 21 days. But some refunds could be held up.
E-filing early can also help protect you from tax-related identity theft. Thieves who use stolen taxpayer identification numbers on fraudulent returns to seek improper refunds typically file the phony returns early in the filing season, so that the Service receives them before legitimate taxpayers file their returns. If you e-file early, IRS will likely process your valid return before any fake return.
Apply for an identity-protection PIN as extra protection from identity theft. The IP PIN is a six-digit number assigned by IRS to help verify a taxpayer’s identity. An IP PIN can also help some filers who claim dependents. IRS will accept Forms 1040, 1040-NR and 1040-SS that are electronically filed, even if a dependent has been claimed on an earlier return filed by someone else, provided the primary listed taxpayer who electronically filed the second federal return includes a valid IP PIN with the filing. To apply for an IP PIN, go to “Get an identity protection PIN (IP PIN)” on IRS’s website.
BJ Kane & Co Tax Filing Guidelines. For accurate and timely preparation of your returns in order to meet the April 15th filing deadline, we recommend that you submit your information as soon as possible. We generally complete returns on a first-in, first-out basis, so the sooner you deliver the returns to us, the better chance you have of getting them done without having to file an extension. Returns for clients who provide us with their information after March 15, 2025, are likely to be extended and prepared after the April 15th deadline. Based on the information we receive, we will project whether you will need to pay additional tax with the extension and notify you in sufficient time to make the necessary arrangements to pay the additional tax. (Please do not hold up the submission of your tax information for K-1s)