Tax Season Delayed

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Tax Season Delayed

The Internal Revenue Service has delayed the tax season for both individuals and businesses due to late passage of the fiscal cliff legislation, the American Taxpayer Relief Act.

The IRS will begin processing the vast majority of the individual income tax returns on January 30, 2013. As of today, it is still undetermined when the IRS will be able to start processing business tax returns. It is estimated that the remaining filers will be able to submit the tax returns in late February or in March (please see http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers).

The delay is due to extensive programming changes required for the following forms: Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization), Form 3800 (General Business Credit), and others. The full list of the forms that is delayed acceptance is available on the IRS website:

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013

Despite the IRS delays, the filing deadlines remain March 15th, 2013 for corporate tax returns and April 15th, 2013 for the individual, partnership, and estate tax returns.

As always, we are dedicated to providing you with a smooth tax season. We encourage you to provide us with your tax information as soon as it becomes available. We will do our best to complete and file the tax returns by the filing deadline. However, due to these circumstances we may have to file an extension.

By | 2013-01-18T16:25:01-07:00 January 18th, 2013|Blog, Tax|Comments Off on Tax Season Delayed

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