Income Tax Service |
Terry Hough |
January 11, 2013
Late on January 1, 2013, Congress passed HR 8 (Tax Relief Extension Act) which extended almost all of the Federal tax provisions that had expired at the end of 2011 and 2012.
The IRS announced on January 9th that they will not accept electronic or paper returns before January 30, 2013, a delay from the original January 22nd beginning date. This is necessary to allow them time to reprogram their systems to comply with the changes included in the Tax Relief Extension Act.
Many forms and schedules will be delayed much further though. The IRS released a list of those form yesterday. The list really only shows a part of the forms that will be delayed. You can see that list by clicking here (a printable PDF document that opens in a new window). There are others that will be delayed further into March, but that list has not yet been released.
Additionally, many forms that make up an individual return had to be updated along with the related instructions. Most of these new forms and instructions are scheduled to be released on January 22nd. Software developers will be scrambling to make the required updates and changes to preparation software and get those updates issued to their users.
Tax preparers will be under a great deal of pressure to make all of this happen in their office and be ready to assist taxpayers when the IRS opens up the tax season on the 30th.
As originally scheduled, our office will open on January 17, 2013. At that point we will take in your information, prepare returns that are unaffected by the changes or delayed forms, and "stockpile" returns for electronic filing when the IRS opens the filing season on January 30th.
We are sorry to inform you of these delays. ElectroFile Income Tax Service will do everything possible to faciliate your tax filing and the receipt of your refund as rapidly as possible.
Furthermore, the IRS has also announced that refunds will not be issued as rapidly as they were last year, especially right after the opening of tax season. I am expecting refunds to stretch from 3 to 10 days out to about 21 days during February. After that, the time to receive a refund may return to historical timeframes.
We look forward to seeing you soon.