The 2023 tax filing season kicked off on January 23. With fewer limitations due to the epidemic and more tax authorities back at work (including new personnel at the IRS), many are optimistic that this year’s tax season will be less hectic than in previous years.
Thus far, it seems that may be the case. Accountants say they’re just as busy as ever but have seen fewer problems so far this tax season. Although official tax filing season numbers have not been made public as of this writing, I have heard from some taxpayers who have gotten their refund Stimulus Checks early (less than two weeks after filing). And I swear I’m not trying to put a damper on things by saying this.
Tax Refund Stimulus Check Will Be Smaller
The Taxpayer Advocate claims that the IRS will be in a far better position for the 2023 filing season than it was for any of the two previous filing seasons. As 2022 started, the IRS had a paper backlog of 4.7 million original individual returns and 3.6 million Stimulus Checks.
Including Stimulus Checks for the tax year 2021 and late-filed returns for past years, the IRS announced on December 30, 2022, that it had received 2.04 million individual returns that had not yet been processed. There were a total of 2.8 million returns, of which 1.6 million needed adjustments or further processing, and 440,000 were paper returns. It’s a big jump from last year, but that’s still a lot.
If you’re a taxpayer who is crossing their fingers that these trends continue into 2023, here’s what you need to know about your tax return. In case you were wondering, the IRS still anticipates issuing more than nine out of ten refunds in fewer than 21 days if you file online, use direct deposit, and have no difficulties with your return. However, if you submitted your return manually and are anticipating a refund, it might take four weeks or more to complete your return.