Dannible & McKee, LLP Recommends Filing Taxes Early and Electronically
Tax season is in full swing and now is the time for filing taxes instead of waiting until the deadline of April 15, 2024, to avoid potential delays. Surprisingly, more than 20% of taxpayers wait until the last minute to file their taxes, with over 11 million individuals and 15 million businesses choosing to file paper returns instead of electronically. This causes a significant setback for the IRS and the taxpayers.
To avoid delays, Dannible & McKee, LLP, a certified public accounting and consulting firm, recommends filing your tax returns at the earliest date possible, which was January 29, 2024, and filing the returns electronically.
“Filing your tax return early and electronically has many advantages,” said Nick Shires, CPA, partner-in-charge of tax services at Dannible & McKee. “You’ll not only get your refund within 2 weeks, but if you owe money, it gives you time to figure out how you’ll pay the amount owed. Even if you file your taxes in February, you will still have until April 15 to pay the full amount of money you owe.”
Filing taxes late can also put you at risk of fraud. There have been several cases where an individual’s information has been compromised, and their taxes have been filed by someone else without their knowledge.
“Too often there have been issues where a taxpayer submits their return, only to be told by the IRS that their return had already been filed by someone else,” added Shires. “Their funds then go to the fraudster who committed the act.”
As for filing returns, it’s highly recommended that taxpayers should opt for the online filing method instead of using paper forms. Processing paper returns takes longer to deliver refunds and also increases administrative costs for the IRS. It should be noted that there is a caveat to this rule, as there are around 150 to 200 IRS forms that are still not eligible for e-filing. However, the IRS is working to make online filing accessible and easier for all taxpayers.
About Dannible & McKee, LLP
Established as a partnership in 1978, Dannible & McKee, LLP is committed to providing the highest level of professional services in the areas of audit, tax, accounting and financial management consulting to clients nationwide. The firm focuses on major industry lines and specializes in multi-state taxation review, business valuation, litigation support and fraud prevention and detection. With offices in Syracuse, Auburn, Binghamton and Schenectady, New York, the firm employs over 115 professional and support personnel, including 22 partners. Dannible & McKee was the first CPA firm in the region to join the Association of Certified Fraud Examiners (ACFE) and is a member of Geneva Group International (GGI), an international network of independent professional firms committed to providing clients with access to expanded resources and professional expertise in the international marketplace. For more information, visit www.dmcpas.com.
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