IRS suggests that early tax filers should delay in 2023
The IRS has told taxpayers who typically file their returns in late January or early February to consider waiting until later on in 2023. In a recent release, the IRS warned that early filers may receive a 1099-K form, which will track third-party payment systems like Venmo, PayPal, Facebook Marketplace, Etsy, or Uber. “The IRS cautions people in this category who may be receiving a Form 1099 for the first time—especially “early filers” who typically file a tax return during the month of January or early February—to be careful and make sure they have all of their key income documents before submitting a tax return,” the tax agency said. “A little extra caution could save people additional time and effort related to filing an amended tax return. And if they have untaxed income on a Form 1099 that isn’t reflected on the tax return they initially file, that could mean they need to submit a tax payment with an amended tax return."

CPA Practice Advisor