IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

The IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain amount for the year. Taxpayers may have to pay a penalty if they’re required to file a return but fail to do so. If they willfully failed to file a return, they may also be subject to additional fines and possible criminal prosecution. The following factors affect the filing requirement: (1) gross income; (2) required filing threshold; (3) self-employment status; and (4) status as a dependent. Taxpayers must read Publication 501, Dependents, Standard Deduction, and Filing Information, for all the details related to return filing.