Welcome Guest. Register Now!  


Tax News Latest tax updates, tax laws, news releases


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-15-2011, 03:47 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately

The Internal Revenue Service announced today it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately.

On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions for state and local sales tax, higher education tuition and fees and educator expenses.

“The IRS is now accepting all the 1040 forms,” IRS Commissioner Doug Shulman said. “We worked hard to update our systems and get the changes in place as quickly as possible. We appreciate the patience of those impacted by the delay. We urge taxpayers to use e-file with direct deposit, and they can get their refunds within days.”

In late December 2010, the IRS announced it would delay processing of some tax returns in order to update processing systems to accommodate the late tax law changes. These tax law provisions were extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which became law on Dec. 17.

For the vast majority of taxpayers, the filing season this year began on time in January. Most taxpayers claiming itemized deductions and the other delayed forms file later in the year.

The IRS urged taxpayers who haven’t filed yet to use e-file instead of paper tax forms to ensure accuracy and to get refunds fast. Taxpayers can do their taxes for free through Free File, which is brand-name software or online fillable forms. Free File is available exclusively at Free File: Do Your Federal Taxes for Free. Anyone who makes $58,000 or less can use Free File software. There are no income limits to online fillable forms. Both Free File software and Free File Fillable Forms allow taxpayers to prepare and e-file their federal returns for free.

The IRS worked closely with the tax software industry and the tax professional community during the reprogramming process to minimize disruptions for taxpayers and ensure a smooth tax season.

As a result of these efforts, many major software providers and paid tax preparers started accepting impacted returns before the Feb. 14 start date, which they held and started submitting after the IRS systems opened.

Due to the expected increase in tax return volumes being transmitted this week, the IRS cautioned a small number of taxpayers may experience a brief delay in receiving their e-file acknowledgement, which is normally provided within 24-48 hours. The IRS continues working with the software industry to minimize any impact to taxpayers.

Business taxpayers who use the 1040 series can file now as well. However, the Feb. 14 start date does not apply to non-1040 business tax forms (add link) affected by the recent tax law changes. The IRS will announce a specific date in the near future when it can begin processing those impacted business tax forms.

Updated information has been posted on IRS.gov, including Schedule A and updated state and local sales tax tables. For a complete list of affected individual tax forms and business tax forms visit Internal Revenue Service.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18; Taxpayers Impacted by Recent Tax Breaks Can File Starting in Mid- to Late February Samatg For 2010 0 01-04-2011 03:32 PM
Where should a taxpayer file Forms W-2c and W-3c. TaxGuru General 0 08-20-2009 01:57 PM
MD LLC bought/sold townhouse in DC - do I file MD tax forms, DC tax forms, or both? Susan Limited Liability Company 0 02-05-2009 10:54 PM
what forms to file sushil t kapadia C-Corporation 0 12-13-2008 10:46 AM
IRS extends Corporate Tax filing time to Taxpayers affected by Hurricane IKE!! TaxGuru For 2008 2 11-05-2008 12:53 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.