Happy opening day of the 2024 tax filing season, tax pros. While it may not be as exciting as Major League Baseball’s Opening Day (slated for March 28), today the IRS began accepting and processing federal individual tax returns.
Tax Relief for American Families and Workers Act of 2024
In case you have been thinking about holding off on filing until you know more about that tax bill making its way through the House, don’t. At least that’s the advice from IRS Commissioner Danny Werfel.
“We urge and encourage taxpayers to file when they are ready,” Werfel said. “Don’t wait on Congress. If there is a change that impacts your return, we will make the change, and we will send you the update whether it is an additional refund or otherwise without you having to take any steps.”
That sounds almost too good to be true, but we appreciate the optimism, Werfel. Nonetheless, the IRS estimates it can implement tax law changes enacted by Congress within a matter of weeks. But if you ask a tax pro about dealing with tax law changes during the filing season, they will likely tell you it would be a nightmare. Except you don’t wake up screaming to realize everything is fine.
While we may see the House vote on the bipartisan Tax Relief for American Families and Workers Act of 2024 (HR 7024) as early as this week, the measure as currently drafted faces an uncertain future there and even more so in the Senate. So, for now, don’t lose any sleep.
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