Delays in Filing for Many Tax Payers!
Delays are expected for certain taxpayers due to the last minute tax law changes passed by Congress and signed into law by President Obama! If you are required to file Schedule A “Itemized Deductions”, the long form, it will be mid to late February 2011 before the IRS is prepared to accept/process your return. This is due to the systemic computer system changes that must be in place before the IRS can accept tax returns.
This presents a challange for the IRS, but also affected, is the tax software industry and the tax preparer community. The software companies are scrambling to get their products in place. For us here at ChappellCPA, we’ve spent the past few weeks, in continuing education, reading and preparing for the complex, new calculations that are required. Whether it’s Heath Insurance Premium deduction, Domestic Production credit or the Energy credits, they all have on thing in common, and that’s CHANGE!
Thanks for reading….