As a result of the late passage of the American Taxpayer Relief Act of 2012, the IRS delayed the opening of the tax filing system to January 30, 2013 in order to make changes to various subsidiary tax forms and to update their own return-processing system. As of January 28th the IRS announced that Form 1040 filers may not be able to file their returns until late February or early March if they need to file any of the 31 delayed forms. Will your return be delayed?
Most of the 31 delayed forms relate to various tax credits including:
- Form 3800 General Business Credit
- Form 4136 Credit for Federal Tax Paid on Fuels
- From 5695 Residential Energy Credits
- Form 5884 Work Opportunity Credit
- Form 8396 Mortgage Interest Credit
- Form 8863 Education Credits
The most significant delayed forms include:
- Form 4562 Depreciation and Amortization
- Form 8582 Passive Activity Loss Limitations
Although the lengthy list of delayed forms will cause delays in processing many returns, taxpayers should still begin compiling and organizing their tax information now, so they can file their returns shortly after the delayed forms become available. Once filed, the IRS is processing and sending out refunds within 21 days.
Contact Flexible Accounting Services of the Triangle today and allow us to assist you with the preparation and filing of your income tax returns.