Early filers' should wait to submit their
tax return in 2023, the IRS warns. Here's why
CNBC,
by
Kate Dore
Original Article
Posted By: Axeman,
12/14/2022 12:13:31 AM
If you're eager to file your 2022 tax return in January or early February, the IRS has a warning: You'll need to wait for "key documents" before filing in 2023.
In a release last week, the IRS urged "early filers" to watch for Form 1099-K, which reports income for third-party payment networks such as Venmo or PayPal.
"A little extra caution" could save time and effort, the agency said, because if you don't report 1099-K income, you may owe money and need to file an amended return.
Reply 1 - Posted by:
EJKrausJr 12/14/2022 1:29:24 AM (No. 1356062)
According to the IRS, they still have 3.1 million unprocessed individual returns that include tax year 2021 returns and late filed prior year returns. Last year the IRS purposefully destroyed 30 million taxpayer documents including W-2 forms and 1099 forms. The IRS hasn't said why. Even the additional 87K agents won't help their processing of tax returns. Fully expect the IRS to take forever to process any 2022 tax returns. So blaming it on the 1099-K is sour grapes.
22 people like this.
Reply 2 - Posted by:
watashiyo 12/14/2022 2:36:57 AM (No. 1356078)
Uhhhm, I'll vote for any politician who is FOR abolishing the IRS Dept.
53 people like this.
Reply 3 - Posted by:
mifla 12/14/2022 4:24:10 AM (No. 1356093)
Go to a flat tax or national sales tax. This is getting ridiculous.
60 people like this.
Reply 4 - Posted by:
Strike3 12/14/2022 4:39:29 AM (No. 1356100)
You know what you can do with your 1099-K forms you money-grubbing yahoos. You can't handle what you do now and we certainly aren't happy with how your bosses spend it.
38 people like this.
Reply 5 - Posted by:
RuckusTom 12/14/2022 5:57:55 AM (No. 1356137)
Looks like they found something for those 80k+ new IRS agents to do.
31 people like this.
Reply 6 - Posted by:
F15 Gork 12/14/2022 7:03:53 AM (No. 1356174)
One wonders which is more corrupt and clogged up......any Blue State Vote Counting System or the IRS?
23 people like this.
Reply 7 - Posted by:
Rumblehog 12/14/2022 8:08:39 AM (No. 1356217)
They print and spend money the U.S. Gov't doesn't even have because, well, because, they can.
The only reason for Federal income tax is to keep the "jackboot" on the necks of the American citizenry to remind them who's "boss."
Billion$ for Ukraine's crime bosses, but no breaks for THEE.
26 people like this.
Reply 8 - Posted by:
Bur Oak 12/14/2022 8:14:06 AM (No. 1356220)
I can't imagine why anyone would want to pay early. April 1 is a good filing date.
7 people like this.
Reply 9 - Posted by:
Rather Read 12/14/2022 8:20:43 AM (No. 1356227)
I don't use cash apps. I will never use cash apps. I would love to see a flat tax but I know it will never happen.
14 people like this.
Reply 10 - Posted by:
Paperpuncher 12/14/2022 8:20:56 AM (No. 1356229)
I file early and electronic. I have no activity which would trigger a 1099-K. The only 1099s I get are from my IRAs, Social Security and my bank interest. I will have them before the end of January an you can bet I will file within day of receipt. I use no third party payment method’s. Olaf fashion works just fine.
14 people like this.
Reply 11 - Posted by:
Heil Liberals 12/14/2022 8:53:52 AM (No. 1356253)
If you wanted to create a way to make criminals out of 99% of working Americans, then this would be the way. This is no better than the immoral, unconstitutional civil asset forfeiture laws. The IRS will start by saying you aren't the criminal, just your money. Then they will make examples with harsh prosecutions and perp walks. Then, the sheeple will fall in line and either limit their economic activity or cheat by using cash or barter or doing without.
We are not citizens; we are subjects. We no longer live in a constitutional republic; we exist in a legalistic oligarchy.
31 people like this.
As is the case with the social security "must read" article, this is of no interest to 90% of Luciannne readers.
We don't make money on paypal or venmo. Who is doing must read choices today???
15 people like this.
Reply 13 - Posted by:
mobyclik 12/14/2022 9:29:03 AM (No. 1356288)
To hell with their 1099-K, I'm still waiting for that $2800.00 check my deceased wife and I were to receive, but I think it went to some prisoner or illegal alien. Do I think I'll receive it? Of course not, this government is so screwed up (intentionally) that I have ZERO faith in anything they say or do. America is over...Welcome to the New Amerika!
24 people like this.
Reply 14 - Posted by:
mc squared 12/14/2022 10:36:33 AM (No. 1356360)
Silly me. I thought those 87,000 new IRS agents would be called: Non-Essential employees.
I was wrong.
3 people like this.
Reply 15 - Posted by:
padiva 12/14/2022 1:30:42 PM (No. 1356519)
#13 Sorry for your loss.
I file early so no one can steal my SSN and file using my SSN.
3 people like this.
Reply 16 - Posted by:
Nona 12/14/2022 2:26:23 PM (No. 1356548)
Back when I was working, all forms had to be in the employee's hands by the last day of January. When did it become acceptable to went them out late? Is this a new Biden administration thing. With the 87 thousand additional IRS agents, you would think this year would go smoother than last year.
2 people like this.
Reply 17 - Posted by:
NorthernDog 12/14/2022 2:27:25 PM (No. 1356551)
Some people will get 1099s for funds they received for personal reasons - like from a family member. The IRS will see those funds as taxable income, even if it was not.
3 people like this.
Reply 18 - Posted by:
Lawsy0 12/14/2022 2:41:09 PM (No. 1356563)
Is this a new type of run around from the 10-headed beast?
3 people like this.
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Comments:
I will never use these payment options but you might.