IRS Announces Feb 14 Date to Start Processing Delayed 2010 Returns
Happy Valentine's Day! Following the recent tax law changes, the Internal Revenue Service announced that taxpayers affected by three recently reinstated deductions need to wait until February 14th to file their individual tax returns. IRS Announces Feb 14 Date to Start Processing Delayed Returns In addition, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid-to-late February to file as well. The IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the late tax law changes. In the interim, people in the affected categories can start working on their tax returns, but they should not submit their returns until IRS systems are ready to process the new tax law changes.
Taxpayers will need to wait to file if they are within any of the following three categories:
For those falling into any of these three categories, the delay affects both paper filers and electronic filers. The IRS emphasized that e-file is the fastest, best way for those affected by the delay to get their refunds. As part of this effort, the IRS will be working closely with the tax software industry and tax professional community to minimize delays and ensure a smooth tax season.
Source: IR-2010-126, Dec. 23, 2010
Clare L Garner Jr CPA LLMT | 01/05/2011