The delayed passage of the "American Taxpayer Relief
Act of 2012" has put the IRS behind schedule. Due to several provisions of
the law affecting 2012 tax returns, the IRS could not open the Form 1040 filing
season for the majority of taxpayers until late January.
Those taxpayers filing Form 5695 (Energy Credit), Form 4562
(Depreciation), and Form 3800 (General Business Credit) will not be able to
file until late February or possibly not until March. Apparently a large
percentage of taxpayers in this group typically file later in the season
because they have more complex returns.
The IRS must complete the updating of forms and computer
programming and testing before it is ready to accept any filings either on
paper or electronically. The IRS said that taxpayers will receive refunds
faster by e-filing and using direct deposit.
If we can be of assistance to you in preparing any of your
2012 tax filings, please contact us.
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