Langdon & Company LLP, provides tax services in the Raleigh area. We provide consultation and tax services to business owners by helping to interpret tax law, raise tax related issues and provide solutions to tax problems.
Just recently The Internal Revenue Service (IRS) has announced that it will open the 2012 tax season beginning January 30, 2013. This announcement comes following the changes made by Congress on January 2, 2013 to the American Taxpayer Relief Act.
On December 31, 2012, many tax rates expired and Congress was unable to come up with a solution to the problem until January 2, 2013. The IRS is mandated to honor those tax changes, even if they are only for one day, and these changes will impact when filing can begin.
The IRS was prepared for this to happen, and have computer programs in place to make all the necessary adjustments to the changing tax code. However, they want to ensure an accurate filing season and are completing tests on the software before they begin to process tax refunds.
The IRS believes that a majority of people will be able to begin processing their tax refunds on January 30. However, some filers will have to wait until late February or the beginning of March to file their taxes. These would include people who need to file residential energy credits and depreciation of property or business. Normally, these filers often wait until the end of the tax season or file for extensions. Browse a list of IRS forms that will not be available until late February or March.
The Internal Revenue Service is encouraging filers to take advantage of electronic filing. This system of filing taxes is more efficient and will process any refund due quicker. E-file with direct deposit is the fastest method to file your returns.
The IRS has also noted that anyone who mails in their tax returns prior to the January 30th open date will not receive their refunds any quicker. Mail or electronic filings will not begin to be processed until the January 30th date.
The IRS has stated that they will accept returns on January 30th that include state and local tax deductions, higher education credits and educator expenses. They have also stated that they will be able to accept filings at that time that were affected by the Alternative Minimum Tax changes that were affected by the changes to the American Taxpayer Relief Act.
Contact Langdon & Company LLP, a North Carolina CPA firm, offering tax preparation and expertise in understanding of the Federal, Multi-state and International tax laws as they impact an industry or specific business.