Tax Refunds Will Be Delayed This Year

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taxesNo reason to rush to the tax preparation office this month, as the Internal Revenue Service has delayed income tax processing.

This year’s tax season will be quite different because the IRS will not begin processing income tax returns until January 30th, which¬†pretty much that means a delay in the refunds.

The uncertainty surrounding the fiscal cliff situation is one of the biggest reasons for the delay.

Due to the last-minute tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the IRS has scrambled to update forms and make critical programming changes to its processing systems. They also anticipate that the remaining taxpayers will be able to start filing in late February and early March because of the needed changes on the more extensive forms and processing systems. The IRS provides a full listing of the forms that are currently not being accepted on their web site,

With processing beginning eight days later than last year, refunds will be delayed.

Taxpayers can fill out paperwork but the IRS will not even look at it until the 30th. But not everyone can do that. There are still forms that have not been updated, so  if you have a complicated return, it may be February or March before your claim will be processed.

People who file on or around the time of January 30th can expect to receive their returns towards the end of February or early March.

{Andy Newscenter}


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