Presently, tighter deductions and tougher reporting implemented in two legislations might affect your taxes. The American Rescue Plan of 2021 implemented lower thresholds for reporting third-party transactions. The Tax Cuts and Jobs Act (TCJA) of 2017 tightened and eliminated significant deductions for your business. For this reason, here we share the new rules that may affect your 2022 and 2023 taxes.
The short answer to how long it takes the IRS to process your tax refund is “It depends.” Factors like the accuracy of your tax return and whether you electronically filed it affects the time the IRS needs to review the tax return and process your refund.
The tax due date is April 18, 2023, for most US citizens and residents, but there are exceptions for taxpayers living outside the US and an option to request an extension for filing your individual 2022 tax return.