TAX RETURNS: IRS Delays Filing Dates
Tax filers are paying the price for lawmakers’ late response to the fiscal cliff.
The IRS usually begins accepting tax returns on January 22nd, but because congress missed the December 31st deadline on the cliff, the IRS had to push back their deadline in order to make sure they included last minute changes to tax law resulting from the cliff bill.
They announced Tuesday they will begin taking tax returns from most households on January 30th, including simple tax returns that use the 10-40 form.
Tax payers with more complicated tax returns may not be able to file until early March. Those who are claiming residential energy credits, general business credits, or depreciation and amortization expense will have to wait. According to IRS officials they were not fully able to prepare for the tax season until they knew what the legislation included. A specific date on when those returns can be filed will be announced in the near future.
The IRS added that people who file online will get their tax return check faster.
Taxes must be filed by April 15, unless an extension is granted.