The United States Internal Revenue Service (IRS) is gearing up to review and regulate 2023 tax returns, with the agency offering general information through its web portal about tax responsibilities according to the law.
Taxpayers can access the information by creating an online account and may be eligible for a refund if they file their tax return electronically with direct deposit. The IRS processes refunds in the order that completed forms are received, so filing early can help to speed up the process.
While there is no fixed deadline for reimbursement, the IRS reports that refunds are typically issued in less than 21 days for electronic returns and 8 weeks for paper returns. It is recommended to avoid filing paper tax returns to avoid processing delays, as some returns may require additional review and take longer.
As for when taxpayers might expect to receive their refund, the IRS typically issues payments on the last business day of the week. However, the process may not continue until the next business day of issuance, and the holiday calendar is essential in determining the dates. Refunds for the Earned Income Tax Credit and Additional Child Tax Credit are estimated to be available on February 27.
By using the IRS online tools, taxpayers can stay informed about when payments are sent and receive any excess tax payments. Filing taxes early not only leads to more accurate returns but also larger refunds.
Overall, taxpayers are encouraged to file their tax returns early to potentially receive their refunds more quickly and accurately.