IRS Accepting Returns with Depreciation, Education Credits This Week | AccountingWEB

IRS Accepting Returns with Depreciation, Education Credits This Week

By Frank Byrt

The IRS is now accepting tax returns for processing that contain Form 4562, Depreciation and Amortization, and as of February 14, it plans to start processing Form 8863, Education Credits.
 
"This step clears the way for almost all taxpayers to start filing their tax returns for 2012," the IRS said in a press release on February 8. "These forms affected the largest groups of taxpayers who weren't able to file following the January 30 opening of the 2013 tax season."
 
The IRS announced January 28, 2013, that there would be a delay in accepting and processing thirty-one types of subsidiary tax forms, because the IRS needed more time to update those forms and test the return-processing system. The delay was a result of Congress not having approved tax law changes under the American Taxpayer Relief Act until January 2.  

Forms Available This Week

  • Form 8863, Education Credits: Used to claim two higher education credits  the American Opportunity Tax Credit and the Lifetime Learning Credit.
 
 
Although no specific date was given, the IRS also announced it plans to start accepting the remaining twenty-nine forms that were affected by the January legislation the first week of March. Most of those forms are part of more complex tax returns and are typically filed closer to the deadline or filed after an extension is granted.
 
For taxpayers using e-file, most tax preparation software companies are now accepting tax returns with the depreciation and education credits forms and will submit them to the IRS this week, the IRS said.
 
AICPA Vice President of Tax Edward Karl said in reaction to the press release, "The AICPA is pleased with the release of the Form 4562 depreciation schedule, a form that greatly impacts our members' ability to file client returns, and whose release we have been aggressively pursuing. We have heard from members about the challenges created by the unusually compressed filing season and continue to actively voice those concerns to the IRS." 
 
 
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