The Internal Revenue Service (IRS) has recommended putting off filing tax returns for a while. Read and find out in this article why!
The Internal Revenue Service (IRS) has taken its time to guarantee that taxpayers received the correct amounts of money when the Congress authorized different economic relief programs. In 2023, several U.S. states have decided to issue inflation relief checks to their residents. Unfortunately, the IRS struggled to determine whether these payments are considered as taxable income or not.According to Tompor, for taxpayers who have questions or concerns, the IRS states that the best thing to do is to wait for further clarification. This is because amending tax returns that are already submitted may create more issues in the future. Additional guidance will reportedly be made later this month.
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Who should put off filing tax returns?
According to Knorr-Evans, the Associated Press and NPR state that some states should consider putting off filing tax returns. These states include Virginia, South Carolina, Rhode Island, Oregon, New Mexico, New Jersey, Minnesota, Massachusetts, Maine, Indiana, Illinois, Idaho, Hawaii, Georgia, Florida, Delaware, Colorado, California, and Alaska.
On the contrary, for taxpayers not residing in the states mentioned above, the best thing to do is to file tax returns as early as possible to receive tax refunds early as well. However, be reminded to complete the process carefully because mistakes can result to significant delays when the IRS starts to process the returns.
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