IRS Announces Tax Filing Season Opening

 In Tax News

After the tax changes and updates made by the American Taxpayer Relief Act on January 2nd, there were questions as to when the IRS would be ready to accept tax returns.  As of yesterday, The IRS has announced that after updating forms and testing its processing systems they will begin accepting many tax returns on January 30th for the 2012 tax year.  However, some taxpayers with certain tax issues or more complex tax returns may have to wait until a later date as other forms and processes are changed to conform to the new tax laws.

Taxpayers with basic tax returns, including tax returns affected by the Alternative Minimum Tax, should be able to file at the new deadline.  Taxpayers who will have to wait for further changes include anyone filing Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization), Form 3800 (General Business Credit), and other forms listed at IRS.gov.  However, many taxpayers with more complex tax returns and these additional forms generally tend to file near the April 15th deadline or file an extension anyways.

During tax return season it is always better to be prepared as early as possible.  Even if you do not file the return as soon as it is prepared, beginning the process can allow you and your tax preparer to discuss questions or look for planning opportunities.  Also, if you are going to have a tax amount due you can prepare for the payment or decide if you will have to work out an installment agreement or other arrangements.

As you work with your tax preparer to begin the tax return process, contact us at Hone Maxwell LLP if you have any questions or need assistance with potential current or future issues.

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