The Tax Blotter - Jan. 2024 - CPA Practice Advisor

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation.

Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone.

Tax season kicks off. The IRS has announced that tax-filing season officially gets underway on January 29, 2024 (IR-2024-04, 1/8/24). That is the date when the nation’s tax collection agency will begin accepting and processing 2023 returns. It estimates that more than 128.7 million taxpayers will file their returns by the April 15 deadline. But there’s no reason to wait until April to have things wrapped up. The sooner you provide the required information to your tax professional, the sooner you can relax.

No wiggle room in 2024. Usually, the IRS grants taxpayers an extra day or two to meet the filing deadline for federal income taxes. Reason: The traditional April 15 due date is pushed back to the next business day if it falls on a Saturday or Sunday. Also, the deadline may be delayed due to Emancipation Day being observed in Washington, D.C. For example, the filing deadline in 2023 was April 18. But this year, there’s no leeway—the due date remains April 15, 2024. Note: Residents of Maine and Massachusetts have until April 17, 2024 to file because of Patriot’s Day.

Ask for more time. If you absolutely need more time to file your 2023 return—for instance, you’re still hunting down vital tax information or your personal circumstances dictate it—you can request a filing extension. The IRS will give you another six months to complete the return—until October 15, 2024—with no questions asked. All you have to do is file Form 4868 by April 15, 2024. Caution: Be aware that this is just an extension to file—not to pay tax. You still must send in a good faith estimated payment by the April 15 deadline.

Income Tax