The Internal Revenue Service (IRS) announced Tuesday that it will delay
accepting all 2012 tax returns by eight days, pushing the acceptance of both
e-file and paper tax returns to January 30, more than a week past the
originally scheduled date of January 22. It’s also important to note that even
though the start of tax season has been pushed back, the filing deadline of
April 15 remains unchanged.
“While the IRS did as much programming as
they could in anticipation of the Alternative Minimum Tax (AMT) Patch and the
Extenders,” said Mark Steber, Chief Tax Officer, Jackson Hewitt Tax Service
Inc., “they were unable to finalize their programming and complete testing until
the bill was signed. Ultimately more than 80 forms were impacted by the bill,
which is now causing delays for everyone.”
Despite the new filing date,
taxpayers can – and should – start having their tax returns prepared. This delay
shows how the fiscal cliff solution, a seemingly very simple one where many tax
benefits were put back in the tax laws, has many complex
considerations.
“This is not a year to consider doing taxes alone without
help and current software,” said Mark.
Jackson Hewitt systems and
software are all up to date; those who are ready to begin the filing process can
stop by their local Jackson Hewitt, begin their return, determine the amount of
refund owed to them and select how they prefer to receive their refund and have
everything finalized for the IRS acceptance date. The IRS anticipates that nine
out of ten refunds will be issued again this year in less than 21 days, and even
with the delay for filing until January 30, the sooner taxpayers file their
returns, the sooner they will get their refunds.
Most taxpayers will be
able to file their return January 30, including taxpayers who itemize deductions
and claim the sales tax deduction. The taxpayers that claim an energy credit,
depreciation or business credits will be delayed until late February. These
taxpayers may not feel as impacted as those who file in January, because they
typically do not file until late February normally.
“Regardless of the
IRS delay,” continued Mark, “there is no reason to delay preparing your tax
return as soon as you are ready with your documents. Filing early comes with a
host of benefits, such as helping to protect you against ID theft. And one final
thought and simple best practice: the earlier you file your tax return the
faster you get your tax refund.”