The IRS will begin
accepting tax returns on that date after updating forms and completing
programming and testing of its processing systems. This will reflect the bulk
of the late tax law changes enacted Jan. 2. The announcement means that the
vast majority of tax filers — more than 120 million households — should be able
to start filing tax returns starting Jan 30.
The IRS estimates
that remaining households will be able to start filing in late February or into
March because of the need for more extensive form and processing systems
changes. This group includes people claiming residential energy credits,
depreciation of property or general business credits. Most of those in this
group file more complex tax returns and typically file closer to the April 15
deadline or obtain an extension.
The opening of the
filing season follows passage by Congress of an extensive set of tax changes in
ATRA on Jan. 1, 2013, with many affecting tax returns for 2012. While the IRS
worked to anticipate the late tax law changes as much as possible, the final
law required that the IRS update forms and instructions as well as make
critical processing system adjustments before it can begin accepting tax
returns.
Who Can File
Starting Jan. 30?
The IRS anticipates
that the vast majority of all taxpayers can file starting Jan. 30, regardless
of whether they file electronically or on paper. The IRS will be able to accept
tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as
the three major “extender” provisions for people claiming the state and local
sales tax deduction, higher education tuition and fees deduction and educator
expenses deduction.
Who Can’t File
Until Later?
There are several
forms affected by the late legislation that require more extensive programming
and testing of IRS systems. The IRS hopes to begin accepting tax returns
including these tax forms between late February and into March; a specific date
will be announced in the near future.
The key forms that
require more extensive programming changes include Form 5695 (Residential
Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800
(General Business Credit). A full listing of the forms that won’t be accepted
until later is available on IRS.gov.
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more information about filing requirements and tax credits? For no obligation free consultation contact us
today!
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