Recent Tax Updates

2023 Tax Filing Deadline

2023 tax filing deadline

2023 Tax Day

The federal 2023 tax filing deadline for Tax Year 2022 individual tax returns, also known as Tax Day, is Tuesday, April 18, 2023. This day is also the filing deadline for calendar year C Corporations (1120) and Estate/Trust (1041) returns.

Tax Filing Extension Deadline 2023

The tax filing and payment deadline was extended for individuals and businesses that were affected by certain disasters as follows:

For e-Filed returns that are rejected on April 18, 2023, the return will be considered timely filed if it is retransmitted and accepted by April 23, 2023.

form 1040 tax filing

File for a Tax Extension

If an individual needs more time to complete their 2022 individual federal tax return, they can request an extension until October 16, 2023 by filing Form 4868 (Application for Automatic Extension of Time to File US Individual Income Tax Return). Remember an extension is for time to file the return, not to pay any tax due. If it is determined that the taxpayer may owe tax when they file their extension, they must include their payment with the extension.

April 18, 2023 is also the deadline for the following:

  • Making a contribution to an IRA for Tax Year 2022.
  • Making a contribution to a health savings account (HSA), an Archer medical savings account, or a Coverdell education savings account for Tax Year 2022.
  • Making the 1st 2023 Estimated Tax Payment (1040-ES) for individuals.
  • To file an automatic extension (Form 4868) for individual federal returns to October 16, 2023. Remember the extension is for filing the return only. Any tax due must be paid by April 18, 2023 to avoid any penalty and interest.
  • To file an automatic extension (Form 7004) for calendar year corporations and estates/trusts to October 16, 2023.

CrossLink Tax Software

CrossLink is the industry’s best professional tax software solution for high-volume tax businesses. Built based on the needs of busy tax offices that specialize in providing their taxpayer clients with fast and accurate tax returns, CrossLink has been a trusted software solution since 1989. CrossLink’s in-depth tax calculations, advanced technological features, and paperless solutions allow you to prepare the most complicated tax returns with confidence and ease while providing your customers an unparalleled experience.

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.

Recent Tax Updates

Form 1099-K on laptop.

IRS Delays Form 1099-K Reporting for 2023

Following feedback from taxpayers, tax professionals and payment processors, the IRS announced on November 23 that the requirement that was enacted in the American Rescue Plan Act of 2021 that lowered the reporting threshold from $20,000 to $600 for third-party networks that process payments for transactions that involve the selling of goods or services will be delayed until 2024.

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cheerful-professional-preparers-employee retention credit

Employee Retention Credit

Over the past few months, you may have seen information in the media about the Employee Retention Credit and the most recent news that the IRS has stopped processing any new claims for this credit due to the high incidence of questionable claims being submitted to the IRS.

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