Washington – The Internal Revenue Service announced on Wednesday that it plans to open the filing season on January 30th. The late start to the season is blamed on Congress and the President’s show down regarding the Fiscal Cliff, which wasn’t settled until January 2nd.
The IRS will begin accepting on that date after updating forms and completing programming and testing of its processing systems. The delay is due to the IRS needing to reflect the bulk of late tax law changes that were enacted on January 2nd. This announcement means that the majority (but not all) of taxpayers should be able to start filing their returns January 30th. The rest of the population will not be able to file returns until February or March.
The Forms that are being delayed include:
· Form 3800 General Business Credit
· Form 4136 Credit for Federal Tax Paid on Fuels
· Form 4562 Depreciation and Amortization (Including Information on Listed Property)
· Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands
· Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
· Form 5695 Residential Energy Credits
· Form 5735 American Samoa Economic Development Credit
· Form 5884 Work Opportunity Credit
· Form 6478 Credit for Alcohol Used as Fuel
· Form 6765 Credit for Increasing Research Activities
· Form 8396 Mortgage Interest Credit
· Form 8582 Passive Activity Loss Limitations
· Form 8820 Orphan Drug Credit
· Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit
· Form 8839 Qualified Adoption Expenses
· Form 8844 Empowerment Zone and Renewal Community Employment Credit
· Form 8845 Indian Employment Credit
· Form 8859 District of Columbia First-Time Homebuyer Credit
· Form 8864 Biodiesel and Renewable Diesel Fuels Credit
· Form 8874 New Markets Credits
· Form 8900 Qualified Railroad Track Maintenance Credit
· Form 8903 Domestic Production Activities Deduction
· Form 8908 Energy Efficient Home Credit
· Form 8909 Energy Efficient Appliance Credit
· Form 8910 Alternative Motor Vehicle Credit
· Form 8911 Alternative Fuel Vehicle Refueling Property Credit
· Form 8912 Credit to Holders of Tax Credit Bonds
· Form 8923 Mine Rescue Team Training Credit
· Form 8932 Credit for Employer Differential Wage Payments
· Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit
“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T, Miller said. “This date ensures we have the time we need to update and test our processing systems.”
The IRS added in their press release that they would not process paper tax returns before the anitipated January 30th opening date. They pointed out “There is no advantage to filing on paper before the opening date…”
For more information visit www.smalleynco.com
If you have any questions you can email Craig W. Smalley E.A.
Author of the books: It Starts With an Idea – Tax Tips for Small Businesses available on Nook and Kindle, The Ultimate Real Estate Investor Tax Guide, available on Nook and Kindle, The Complete Guide to the New Tax Law – American Taxpayer Relief Act of 2012 available on Nook and Kindle, Everything You Wanted to Know about the IRS – Audits, Appeals and Collections available on Nook and Kindle, and Tax Avoidance is Legal! The Complete Guide to Individual Income Tax available on Nook and Kindle
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