An Update on Filing Date Delays

The GOOD NEWS is we didn’t fall off the “fiscal cliff”. The BAD NEWS is that filing delays are in the 2012 tax season forecast!

The IRS has informed the professional tax preparer community that the earliest filing date for 2012 is January 30 (pushed back from Jan. 22). Because of the last minute legislation regarding tax law changes passed on Jan 2, the IRS needs time to update forms, and complete and test their system programs. Of course, this delay will be passed down to the tax software industry, and beyond that to the tax preparers.

Here is a quick version of the situation. Most taxpayers will be able to file after Jan 30. Those taxpayers who claim depreciation expense on business assets or rental real estate, have K-1s from partnership interests or other business, have adoption expenses, or various other more complex items, will not be able to file until about mid-March. The IRS has not yet published a date for filing these types of returns.

Good news for some of you is that the credits for educator expenses, tuition and fees deductions, and sales tax deductions which were set to expire for 2012, have been extended and will be available to you for 2012.

You may be thinking that there is no rush to get your tax information organized, but the sooner it’s done, the better. I continue to offer a $10 discount on your fee if I receive your Organizer before March 15. I can begin preparing your return and have it ready to go as soon as all the forms for your return are available to me!

Happy Gathering!