The beginning of tax season is officially here with the IRS beginning to receive and process tax returns on January 30, 2012. The opening was delayed due to the time required by the IRS to update and test their systems to incorporate tax changes made in the Taxpayer Relief Act of 2012, which was not passed until January 2, 2013. The IRS was originally planning to open electronic filing this year on January 22, 2013.
While the IRS begins accepting and processing returns on January 30, 2013, still many taxpayers will have to wait until later in the tax season to be able to file their returns. For taxpayers that are filing returns with the Form 8863 (Education Credits) it will be mid-February before the IRS updates their systems and is able to accept and process these returns. Other key forms such as Form 4562 (Depreciation and Amortization), Form 3800 (General Business Credit) and Form 5695 (Residential Energy Credit) will not be ready for acceptance by the IRS until late February to the beginning on March. A full listing of the forms is available of the IRS website.
Taxpayers filing a return with business or rental income can still file their returns if they had no depreciation for additions during 2012. If you had any fixed asset additions during the 2012 year you will have to wait until the end of February at the earliest to file your return.
The specific dates will be announced by the IRS in the near future as to when they will be able to receive and process returns with the forms that required more extensive programming and testing by the IRS.
Written by: Bill Nagel, CPA