IRS delivery: Everything you need to pay attention to

Four points to pay attention to when submitting your IRS declaration.

The IRS delivery campaign for 2023 income started on April 1st and will end on June 30th.  

In a statement to Notícias ao Minuto, DECO PROteste highlighted four points to pay attention to when filling out your declaration, warning about the "change in IRS withholding tax", which started in July and "may now result in a lower refund or tax to pay", with "refunds being faster for taxpayers covered by automatic IRS".

According to DECO, taxpayers should pay attention to the following necessary procedures in this filing to avoid setbacks or mitigate unforeseen events:  

• Access the Finance Portal: 

If you don't have current access to your Finance Portal, request a password in advance to submit on time and avoid financial losses. When making the request, the password may take about five business days to arrive;  

• Automatic IRS: 

It should be noted that automatic IRS now covers more taxpayers this year, having been extended to taxpayers with retirement certificates, who now join "people with income from dependent, independent or pension work, with or without dependents, and without alimony or tax benefits". To find out if you are entitled to this option, just confirm on the Portal if you meet the requirements, and by accepting "the proposal without waiting for the end of June, the refund may arrive sooner". However, you should verify if the pre-filled data in the declaration is correct;

• About the amount of refund to receive (or the amount to return): 

Please note that "the change in IRS withholding tax from July 2023 may now result in a smaller refund or additional tax to pay."  

Automatic IRS can lead taxpayers to rush in validating data, as explained by DECO, thus alerting taxpayers to proceed with verification and validation of invoices with deductible expenses to minimize undesired impacts on the tax to be paid and correct errors in expenses when filling out the declaration.  

The organization also points out that "there are no advantages in submitting the IRS declaration in the first few days" or "in the last days", and it is even "recommended to wait a few days for all the flaws to be corrected and not run the risk of the system being overloaded in the last days of June”. “Taxpayers should simulate the various possible scenarios before submitting the filled declaration. There are options that can result in a higher refund or less IRS to pay”, so it is important to have the correct IBAN and be aware of "fraud attempts".

• Invoice corrections: 

Finally, you should know that there is the possibility of "making corrections to deductible expenses submitted at no cost" during the period provided for submitting the IRS tax return. Therefore, you should "manually correct the values, rejecting automatic import."

If the declaration is delayed by more than 30 days, "a fine of at least 25 euros" may result. For more information, visit: [URL].

Were you not expecting to receive so little (or pay) with the delivery of your IRS declaration? If you have credits and/or insurance, Poupança no Minuto can help you save in other ways... let's renegotiate the conditions of your products or transfer them to another entity in order to obtain lower payments! Talk to us.