Tax Preparation Kearney Announces IRS To Accept E-file On January 30, 2013

(Newswire.net — 12, January, 2013) Kearney, NE–The reason for the delay? Programming IRS computers and printing forms and instructions were delayed by the congressional wrangling over the fiscal cliff.  A combination of tax hikes and spending cuts that briefly became law on January 1, also was a factor. 

Since Congress didn’t reach an agreement until Jan. 1, the tax rules that Congress had to extend for 2012 stalled the IRS because it has to program its computers for those changes.  So, the issue was not higher tax rates for wealthy individuals, because those went into effect for the 2013 tax year. 

About 120 million individual taxpayers will be able to file Jan. 30, the IRS says, and most people will get their refunds on time. 

Those with the most common “extenders” — the Alternative Minimum Tax patch, and deductions for higher education, state and local sales tax, and out-of-pocket expenses for educators — will be able to file by Jan. 30. Tax Preparation Kearney says it’s accepting e-file returns and holding them until the Jan. 30 filing date. 

But some people won’t be able to start filing until late February or March because of the need for more extensive form and processing systems changes. This group includes people claiming residential energy credits, depreciation of property or general business credits. 

What else should taxpayers be aware of with the new tax law changes? Well, the late and comprehensive tax law changes are still a very confusing issue, with many short and long term changes. Even though the main issues for 2012 were resolved the bill contains a great deal more that will impact many taxpayers, and they will need to be very aware of the rules (as will their preparers) and understand all the implications to this law change. Blind reliance on software will increase risk of an error or overlooked tax benefits left off of tax returns.

This year may be more important than any recent year to start getting your taxes prepared early and filed as soon as possible. Why? Several reasons:

1. The law is now fixed for 2012. No real reason to wait to get your taxes done and get your refund
2. Like last year, we expect 75 percent of taxpayers will get a refund, and this year’s refunds should average around $3,000 like last year.
3. ID theft and refund crimes are growing. Filing early helps protect you from abuse by locking out the bad guys.

Because filing season starts eight days later, will the April 15 filing deadline be pushed back eight days? Not a chance. You’ll still have to have your return postmarked by April 15 to avoid late-filing penalties. 

Tax Preparation Kearney is a full service accounting practice that provides complete accounting and tax preparation for individuals, businesses, corporations, partnerships and LLCs.