W-2 Filing Deadline Approaches

The IRS reminds employers and other businesses to file Form W-2 and other wage statements for Tax Year 2022 by January 31, 2023. The deadline also applies to Forms 1099-NEC, Nonemployee Compensation, and Form W-3, Transmittal of Wage and Tax Statements. Extensions are only granted for very specific reasons and penalties may apply if the deadline is missed. E-file is available for these forms. 

January 23 Official Start to Tax Season

Monday, January 23, 2023, will be the beginning of the 2023 tax season when the IRS will begin accepting and processing 2022 tax year returns. With the increase in staffing at the IRS, provided via the Inflation Reduction Act, the agency aims to ensure all systems run smoothly. Filing a complete and accurate return can avoid extensive processing delays, such as were seen during pandemic years. The IRS is still working on reviewing certain 2021 returns, though taxpayers in that situation can and should still file their 2022 return on time. The filing deadline is April 18, 2023.

Relief for California Storm Victims

Storm victims in California now have until May 15, 2023, to file various federal individual and business tax returns and make payments. This relief postpones certain deadlines that occurred starting January 8, 2023. IRA and health savings accounts contributions for 2022, farmers who normally file their returns by March 1, quarterly estimated tax payments normally due January 17 and April 18, payroll and excise tax returns normally due on January 31 and April 30, 2023, all are due May 15, 2023. The Tax Relief in Disaster Situations page has updated information for disaster victims, and a current list of affected counties.

IRS Completes Corrections

The IRS recently completed corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation received in 2020. The American Rescue Plan Act of 2021 – passed in March 2021 – excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations ($10,200 for each spouse if married filing jointly). Some taxpayers, however, had already filed their return before the Act passed. The IRS determined the correct taxable amount of unemployment compensation for these returns and has issued refunds or applied the overpayment to taxes due or other debts. 

Worried about your stimulus payment?
The IRS announced that they are resending stimulus funds to accounts that were closed after the last stimulus.
This announcement means that if you received your tax return via a bank account that has been closed, you should receive a check in the mail or a deposit soon although it might not be till the first week of February. You can check your stimulus status at the Get My Payment tool.
Receiving your stimulus through this resending process will still be faster than waiting until the IRS starts issuing tax returns in mid to late February.
For customers who need access to funds earlier than the end of January, we recommend our tax advance through Republic Bank. Bring your W-2 and other tax documents in to file your taxes and you can receive a direct deposit from Republic Bank using your refund as collateral.
Little Giant Tax Service has offered the Early Advance product for years and many of our customers have used it to help navigate tough situations. Whether you wait for the stimulus or get a tax advance now, Little Giant Tax Service is here to help you get your taxes done right!

If you need a portion of your advance sooner rather than on the government’s time schedule, you should do your taxes with our preparers before February 28th. Because the IRS is processing returns and beginning payments on tax returns that have refundable credits soon, Republic Bank will be ending the advance program for this year on February 28th.

If you want to take advantage of the time savings that they provide, please come see us. We are open every day of the week through the end of February.

You can also request a specific appointment time through our appointment form.

What do you need for an early advance?

You need to have reasonable evidence that you will be receiving a tax refund this year. That includes a W-2 for any labor you have done, as well as having evidence that you have either overpaid your taxes this year (and will get a refund) or qualify for refundable credits.

Who qualifies for refundable credits? Come by our office to find out!

Little Giant Tax Services are proud to offer this service for our customers: if you need access to your tax refund and credits quickly, then come by our offices at 373 E Black St, Rock Hill, SC 29730, and you may be able to walk out with a tax advance that day.

Remember to bring your W-2’s!