The IRS had previously announced that it would not begin to officially
process any tax returns until January 22, which is approximately one
week later than has historically been the case. This late start, even if
the IRS holds to the January 22 date despite the late-breaking tax
changes, could mean delays of federal refunds anywhere from 10-21 days,
when compared to prior years. In some cases, the delays for paper tax
return filings may exceed those for electronically-filed returns.
Translation you will not receive your refund until February. The longest wait in the history of modern efiling.
The delay is due in part to the late congressional approval of the American Taxpayer
Relief Act of 2012. Many of the changes to tax law affect the forms to
be used for 2012 tax returns, and the IRS will need to work at an
unprecedented pace in order to get the needed tax forms released to the
various tax preparation firms and software companies, as well as to
taxpayers.
In addition, approximately 30 states are affected because their tax
forms and instructions could not be finalized until the federal issues
were resolved. Some states may not release their tax forms until the end
of January (including California, Delaware, Mississippi and Vermont),
while many other states are expected to release their forms no sooner
than the second or third week of January (including Illinois, Maryland,
Michigan, Ohio and Virginia).
Click here to read more at Accounting Today.
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