News & Announcements

IRS Announces Delay in Processing Some 2012 Tax Returns

January 9, 2013

The IRS announced today that it expects to begin processing most 2012 individual returns on January 30th. The processing of other, more complicated returns will be delayed until late February or into March.

The returns affected by the delay are those with the following:
-Depreciation of Property
-Domestic Production Activities Deduction
-Information Return With Respect to Certain Foreign Corporations
-Passive Activity Loss Limitations
-Qualified Adoption Expense
-General Business Credits
-Residential Entergy Credits
-Other Credits
See the attached link below for a specific listing of the forms that won’t be accepted until later.

This delay is due to the late passage of in the American Taxpayer Relief Act of 2012, passed by Congress on January 1, 2013, in which there were extensive tax law changes. The IRS needs more time to update its forms and instructions as well as make critical processing system adjustments in order to effectuate the necessary changes under this new law.

The IRS will not process paper tax returns before the anticipated opening date of January 30th. The IRS states that taxpayers will receive their tax refunds much faster by using e-file with direct deposit.

 

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