This is eight days later than the original target date. Because of the fiscal cliff bill being enacted January 2, means the IRS has a lot on their plate to get done.
The announcement means that a large majority of tax filers should be able to start filing their returns starting on the 30th of January. This means that refunds could be delayed to mid to late February.
Most companies have until January 31st to mail out their W2’s, 1099 and other financial documents. Some do not arrive in the mail until the 2nd week of February, in order to be safe be sure you have all your paperwork before filing.
The IRS is scrambling to update forms and make critical programming changes to their computer systems. The IRS has a complete listing of their forms and updates on their Web site at IRS.gov .
The IRS emphasizes there is no benefit in filing on paper before January 30th and reiterate that taxpayers will receive their tax refunds much quicker by e-filing their return.
The original planned date was January 22. Tax preparers and tax service organizations should be able to keep up with the changes and answer any tax questions you may have regarding changes and updates.
Although the IRS will start processing tax returns about eight days later than usual this year, taxpayers can still prepare and e-file their tax returns now online at H&R Block, Turbo Tax and Taxact.com.
Most forms early filers tend to need have already been released by the IRS, and so the overwhelming majority of taxpayers can prepare and e-file returns today with online tax services.
Based on IRS-issued refund guidelines, a taxpayer who e-files on January 30 could have their refund direct deposited in early February.
Recent federal tax law changes didn't have a major impact on state returns, so software for many states is already available.
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