- Tax return due date for individuals, single owner LLCs, and Corporations is 4/15/2024
- Tax return due date for partnerships, multiple owner LLCs, and S-Corporations is 3/15/2024
- Possible delay in Refunds - Refunds will not be issued until February 15, 2024 for any taxpayers who claimed Earned Income Tax Credit or the additional child tax credit. IRS guidance is that these refunds will likely not be available until the beginning of March this year.
- Social Security number - taxpayers must have a SSN by the due date of the return to claim EITC. No retroactive claims of EITC after issuance of a SSN may be made.
- SSN or ITIN - taxpayers must have a SSN or ITIN by the due date of the return to claim AOTC or child tax credit. No retroactive claims after issuance of a SSN or ITIN may be made.
- ITIN - If an ITIN is not used for three consecutive tax returns, it will expire at the end of the third year. Additionally, all ITINs will expire even if used on a tax return every year. ITINs that expired on have middle digits of 70 to 88. Most ITINs with middle digits between 90 - 99 expired in 2016 - 2020, unless renewed previously. Expiration and renewal schedules for other ITINs will be announced by the IRS in the future.
- Penalties and Disallowance - filing an erroneous claim on a refundable credit can incur a 20% penalty. Additionally, improperly claiming a child tax credit or AOTC will require taxpayers to demonstrate eligibility (similar to Earned Income Tax Credit requirements already in effect)