Tax Preparer Set For New IRS Filing Date
Local tax preparers want you to know about the latest IRS updates concerning the Alternative Minimum Tax and "extender" provisions for those people who claim state and local sales tax deductions, higher education tuition and fees deductions and educator expenses deductions.
It affects all who file electronically or with paper returns.
For those people who will be filing Form 1040, the tax season will begin on January 30.
Since Congress didn't complete their law changes until the start of the New Year, IRS will need to take this month to update forms, complete programming and test of the processing systems.
The late tax law changes from January 2 have placed more than 120 million taxpaying households on track to begin filing on the 30th.
For those who file more complicated tax forms will need to wait until late February or March to file.
Those who claim: *residential energy credits - Form 5695 *depreciation and amortization of property - Form 4562 *general business credits - Form3800 A full list of forms to be accepted later than the January 30th date can be found on the IRS website or give your tax preparer a call.
Having a CPA on your side during complex changes to laws and forms will lessen any confusion this tax season.
These types of filers more often file complex tax returns and tend to file closer to April 15, the IRS deadline for filing tax forms.
The IRS will need more time to update and change processing systems, hence the later starting date.
January 30, the IRS will begin accepting the 1040 forms.
Filing early will not get your paperwork processed early.
The IRS wants to make sure that all new systems are complete and fully operational before accepting paperwork, so there is no advantage to getting them in early.
As always, if tax payers are looking to receive refunds faster, then you will want to use the e-file option with direct deposit.
This process cuts down on travel time, communicating errors, fixing any error and resubmitting forms.
The original planned date of January 22 was extended after Congress passed an extensive set of tax changes affecting 2012 tax returns.
As much as the IRS tried to anticipate possible changes, it wasn't until the final decision of January 1 that they were able to begin making the essential changes to the systems.
If you do not have a tax preparer or local CPA working with you, you will want to pay close attention to any changes or updates on the IRS website.
For those of you, who will file the forms accepted at a later date, will want to keep close tabs on updated news concerning actual forms or the much anticipated filing date for them.
It affects all who file electronically or with paper returns.
For those people who will be filing Form 1040, the tax season will begin on January 30.
Since Congress didn't complete their law changes until the start of the New Year, IRS will need to take this month to update forms, complete programming and test of the processing systems.
The late tax law changes from January 2 have placed more than 120 million taxpaying households on track to begin filing on the 30th.
For those who file more complicated tax forms will need to wait until late February or March to file.
Those who claim: *residential energy credits - Form 5695 *depreciation and amortization of property - Form 4562 *general business credits - Form3800 A full list of forms to be accepted later than the January 30th date can be found on the IRS website or give your tax preparer a call.
Having a CPA on your side during complex changes to laws and forms will lessen any confusion this tax season.
These types of filers more often file complex tax returns and tend to file closer to April 15, the IRS deadline for filing tax forms.
The IRS will need more time to update and change processing systems, hence the later starting date.
January 30, the IRS will begin accepting the 1040 forms.
Filing early will not get your paperwork processed early.
The IRS wants to make sure that all new systems are complete and fully operational before accepting paperwork, so there is no advantage to getting them in early.
As always, if tax payers are looking to receive refunds faster, then you will want to use the e-file option with direct deposit.
This process cuts down on travel time, communicating errors, fixing any error and resubmitting forms.
The original planned date of January 22 was extended after Congress passed an extensive set of tax changes affecting 2012 tax returns.
As much as the IRS tried to anticipate possible changes, it wasn't until the final decision of January 1 that they were able to begin making the essential changes to the systems.
If you do not have a tax preparer or local CPA working with you, you will want to pay close attention to any changes or updates on the IRS website.
For those of you, who will file the forms accepted at a later date, will want to keep close tabs on updated news concerning actual forms or the much anticipated filing date for them.
