The IRS has announced that it will not open up e-filing until Jan. 30 this year, and some forms will not be available until late February or early March, which will affect many small business owners and local farmers.
The forms that will be delayed include Residential Energy Credits, Depreciation and Amortization, and the General Business Credit.
The IRS says late changes to the tax code contained in the American Tax Relief Act passed on Jan. 2 are requiring updating of forms and computer programs.
What this means for many area residents is that if you typically e-file right after the first of the year, you cannot do so until the end of this month.
What the tax delay means for area tax payers is a further abbreviated tax filing season.
Terri Page, who manages the Benton H&R Block office, said her office typically processes 2,500 tax returns in the 3 1/2 months between Jan. 1 and April 15 each year.
“This year, our 3 1/2 months is now 2 1/2 month,” Page said.
Local farmers will be especially affected by the change, she said. Many U.S. farmers and fishermen file their tax returns by March 1. An exemption allows them to not pay quarterly estimated taxes throughout the year, as many businesses do, as long as they file and pay taxes by that date.
But the late changes to forms mean some that they need may not be available by March 1.
Most area tax preparers are already accepting tax information for processing. Page said residents can still have their taxes prepared, and they will be held until e-filing opens at the end of the month.
The IRS says taxpayers who e-file can still expect tax refunds to be issued in as little as 10 days, once e-filing opens on Jan. 30.
Photo illustration used with permission from PTMoney.com.
