IRS 2025 Tax Filing Season: A Look Back at the 2024 Tax Year Checklist

Reviewed By:

William J. McLee, EA, Get Tax Relief Now

Published:

September 9, 2025

Updated:

June 18, 2026

The Internal Revenue Service issued its readiness checklist ahead of the January 27, 2025, opening of the 2024 tax filing season. With more than 140 million federal income tax returns expected, the agency urged taxpayers to prepare early, use digital tools, and meet the April 15, 2025, filing deadline to avoid errors, penalties, and refund delays.

Tax Filing Deadline for the 2024 Tax Year

The federal tax filing deadline for the 2024 tax year was April 15, 2025. If the due date fell on a weekend or legal holiday, the IRS extended it to the next business day. Taxpayers who owed taxes were required to pay by that deadline to avoid penalties and interest, even if they filed later. For the current filing cycle, the due date for the 2025 tax return is April 15, 2026.

Digital Asset Reporting and Form 1099-K

For tax year 2024, all federal income tax returns included a required question on digital asset reporting. Taxpayers were required to report sales, trades, and income from cryptocurrency or similar assets, even if they did not receive a reporting form.

For tax year 2024, the IRS applied a $5,000 Form 1099-K reporting threshold as part of a phased transition. Payments received through online marketplaces or apps above that amount generated a reporting form for independent contractors, small businesses, and others earning digital income through third-party platforms. Accurate reporting was necessary to determine taxable income and avoid having to amend a return.

It is important to note that this threshold applies only to tax year 2024. The planned $2,500 threshold for tax year 2025 was repealed by the One Big Beautiful Bill Act, signed into law on July 4, 2025, which restored the Form 1099-K reporting threshold to $20,000 or more in transactions for 2025 and beyond.

Filing Electronically and Direct Deposit

The agency recommended filing electronically and requesting refunds through direct deposit into a bank account. Electronic filing speeds processing and reduces errors, while direct deposit remains the most reliable way to receive a refund. Paper checks carry a greater risk of delay, loss, or theft, creating unnecessary complications during tax filing season.

How an IRS Online Account Helps Taxpayers

The IRS checklist emphasized the importance of creating an IRS online account. This secure portal allows taxpayers to review prior income tax return information, track balances if they owe, and request an identity protection PIN. Users can manage notices, update preferences, and set up payment plans without mailing forms.

Linking an IRS online account to a bank account makes submitting payments and tracking refunds easier. The login process requires identity verification, and taxpayers should confirm they are accessing the official IRS site before entering personal data.

Guidance From Tax Professionals

Tax professionals recommend organizing records early in the tax filing season to avoid filing errors. Taxpayers should collect W-2s from employers, 1099s for contract income, and documentation of pensions, dividends, or property income. Independent contractors should ensure payments match any Form 1099-K records received to prevent mismatches with IRS data.

Experts stress that taxpayers who owe taxes should still file by the applicable deadline. Filing on time avoids the most severe penalties and establishes eligibility for a payment plan through an IRS online account. Even those seeking an extension must calculate what they owe and pay by the original due date to reduce interest and penalties, since an extension of time to file is not an extension of time to pay.

Deadlines for Estimated Taxes and Fiscal Year Filers

Taxpayers making estimated tax payments should confirm applicable quarterly due dates with the IRS or a tax professional to avoid penalties for late or missed payments.

Businesses operating on a fiscal rather than a calendar year must follow separate filing and payment schedules. Tax professionals recommend confirming applicable federal tax return due dates to avoid notices or the need for an amendment. Filing correct and complete information is the best way to stay compliant.

Impact on Taxpayers Who Owe Taxes

The IRS reminds taxpayers that failing to pay on time increases penalties and interest, which accrue daily after the due date. Even if taxpayers cannot pay in full, filing and submitting at least part of the balance reduces overall costs.

Payment options include scheduling transfers from a bank account through IRS online services or arranging monthly installments. Filing a federal tax return promptly ensures access to future refunds, credits, and relief programs. The agency warns that delaying only compounds the amount taxpayers owe.

Final Reminders

Taxpayers should be aware that refunds tied to the Earned Income Tax Credit or Additional Child Tax Credit cannot be issued before mid-February due to federal law. The IRS advises taxpayers not to rely on refunds by specific dates to cover major expenses.

Free filing programs remain available for eligible taxpayers. Options include IRS Direct File and Free File software through IRS.gov, as well as Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.

The IRS emphasizes that filing electronically with direct deposit remains the fastest and most secure way to file and receive a refund. Those who need more time can request an extension, but payment remains due by the original deadline. Taxpayers seeking current guidance should visit the IRS Get Ready page or their IRS online account for up-to-date information. Staying organized and starting early gives taxpayers the best chance to complete their federal income tax return accurately and avoid last-minute stress.

Sources

Taxpayers can find details about filing requirements, new digital tools, and 2025 tax filing season updates directly from official IRS resources. These pages provide step-by-step guidance, deadlines, and answers to common questions, helping individuals determine what they need to file taxes correctly and on time.

By William Mc Lee, Editor-in-Chief & Tax Expert—Get Tax Relief Now

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If you need help with a tax issue discussed in this article, you can reach a licensed tax professional at Get Tax Relief Now at (888) 260-9441 or visit our contact page.