We’re Off and Running! Kind of…

The IRS is off to a slow start this year.  With the passage of the American Taxpayer Relief Act of  2012 on January 2,  2013 the IRS had to delay the start of electronic filing (e-file) season.  The e-file season generally opens in the middle of January.  This year no tax returns could be filed until January 30th.  Not only was filing delayed for e-file – the IRS could not even process any of the tax returns that were received prior to January 30th.

The new law has delayed filing for many taxpayers even longer.  Tax returns with Form 4562 – Depreciation and Amortization are eligible to file electronically as of February 10, 2013.  Later in the week e-filing will be open for taxpayers claiming education credits on Form 8863. 

More than two dozen forms will not be allowed in the e-file system until late February or early March.  A full list of the forms that will prevent e-filing is available on the IRS website here.

The delay in filing is actually helpful to some taxpayers.  Farmers and fisherman who normally file and pay their entire year’s tax by March 1st in order to avoid estimated tax penalties have been granted relief this year.  The IRS issued a notice indicating that they will not assess any estimated tax penalties for farmers and fishermen who file their 2012 tax returns and pay all of their tax by April 15, 2013.

While the IRS may be off to a slow start, Seid & Company is up and running ready to provide exceptional service and advice for all of our clients.