IRS Postpones 2012 Tax Filings

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IRS notice

As the Fiscal Cliff debate ends and new laws are passed, the IRS warns taxpayers of the inevitable delays in the 2012 tax season.  The IRS stated on its website in early January 2013 that it will not accept any individual returns until January 30, 2013 and have released a statement on January 29, 2013 that they remain on track to open tax season on January 30. To make matters more difficult, the IRS has not extended the tax season past April 15, 2013 despite its imposed late tax season start. 

Individuals and businesses will have additional delays if they have any of the following deductions on their return:

  • Depreciation
  • Residential Energy Credit
  • General Business Credits
  • Fuel Credits
  • Work Opportunity Credits
  • Energy Efficient Credits
  • Alternative Motor Vehicle Credit
  • Plug-in Electric Drive Motor Vehicle Credit
  • Passive Activity Loss Limitations
  • Adoption Expenses
  • Education credits will be available to file in mid-February

Businesses and individuals with specific forms (noted above) will not be able to file until late February or March because the agency needs time to update and test its systems which has included extensive form and processing changes.  There has been no news or update on an exact date that they will begin accepting these returns. 

IRS WARNS OF TAX REFUND DELAYS

In an article written on January 26, 2013, the IRS warned that tax refunds could be delayed an extra week.  The additional week delay is blamed on “fine-tuning” IRS systems to adjust for new fraud safeguards that they have put into place and should only affect early filers.  The usual 10 to 21 business days to receive your refund is expected as in prior years once the fine-tuning is completed.  The IRS has developed a new tacking system that allows filers to see exactly what stage of the review process their return is in which will be available 24 hours after a tax return is electronically submitted and 4 week after the submission of a paper return.

Contact Fredrick James Today to schedule a Tax Forecast that can help you prepare yourself for what lies ahead.

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