When Congress finally moved to enact legislation to avoid what many termed a financially dangerous Fiscal Cliff, the hope was that millions would avoid tax increases. The recent changes in tax laws however, may have a negative impact on the millions of Americans who are ready and eager to file their 2012 income taxes, and get a tax refund from the IRS.
According to a statement from the IRS this week, the impact of the recent legislation on income tax filing is still unclear. It appears that it will take the IRS a little extra time to account for the changes in the tax code before they will be ready to begin accepting and processing tax returns. Officials from the IRS indicated that they should be ready to process returns “soon.”
For Americans ready to file their 2012 income taxes now, the good news is that tax services like turbotax and other free online tax filing services are ready to start helping you file. Once the IRS gives the green light, final adjustments to the filings will be made and returns will be submitted to the IRS for processing. It is hoped that the changes currently underway will not delay the delivery of tax refunds to the millions awaiting them.