Delayed Tax Filing Season Announced by IRS

According to the IRS, this year’s that tax season will start on January 22, 2013. The Internal Revenue Service has stated it revised the tax season’s opening date, prolonging it to Jan 30, 2013. Great job bouncing back so quickly from the setback induced by the Congress.

This means that the IRS will not start accepting tax payers’ returns until January 30, 2013. The majority of taxpayers will be able to file their reports on Jan 30, however a part of them will have to wait for some time until the revised forms are delivered. This primarily applies to individuals claiming general business credits, residential energy credits and property depreciation. The forms that have been affected by the Congresses’ new tax package are the following three:

-         federal form 3800 (General Business Credit).

-         federal form 4562 (Depreciation and Amortization)

-         form 5695 (Residential Energy Credits)

After finding out about the anticipated changes many tax experts expected a longer processing delay so kudos to Steven T. Miller – the IRS Acting Commissioner – for trying to “save” the tax season this way.

Keep in mind that the IRS will not start processing paper tax returns before the season’s opening on January 30 so there s no point trying to submit one. Also please note that the combination of direct deposit and e-file will significantly speed up the processing of your return.

One thing we can advise is to be patient and keep monitoring this space for further updates on filing dates. The delay is not the fault of your tax professional or the Internal Revenue Service. It is Congress that pushed through a major tax package right after the New Year.

If you want to approach someone regarding this delay, make sure you take it to the right people. Start with contacting your representative in Congress.

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