Tax Return Processing
The Internal Revenue Service of the United States(IRS) made the announcement this past week that the season for filing taxes will not begin until January 30th. They are not going to start any processing of individual tax returns until that date.
The IRS had originally announced January 22nd as the date they would be opening tax filing. The reason for the bump back in the date is the changes in the tax law that congress passed on New Year’s Day. This all had to do with the “fiscal cliff” negotiations between house Republicans and the president.
At the current time, the IRS is finishing their testing and programming of their processing systems while also updating their forms. These updates according to the IRS are going to allow the majority of the tax filers to be able to file their returns beginning January 30. Those who require any more obscure types of forms for issues such as general business credits, depreciation of property or energy credit claims to name a few will find that the updating of the processing systems and forms will probably allow them to file toward the end of February or the beginning of March.
Steven Miller who is currently serving as the acting commissioner of the Internal Revenue Service has gone out of his way to reassure the public that all efforts are being made to get the process up to full speed.
The IRS has also stated that before January 30th even paper returns will not be processed and advises the public that electronic returns do in fact speed the process and make for faster refunds to the public. They also point out that last year the percentage filing electronically surpassed 80%.
The bottom line as Mr. Miller reminds the public is that electronic filing is truly the best choice for the taxpayer to make in terms of getting things done efficiently and quickly.
Tax Returns: Processing Begins On January 30th