Tax e-file season is officially open
by AccountingWEB on
The Internal Revenue Service is now open for 2010 tax business, ready to accept electronically filed income tax returns from most taxpayers.
The IRS touts e-file as the best way to file accurate tax returns and ensure speedy delivery of tax refunds. IRS Commissioner Doug Shulman speculates that e-file activity will increase this year, in part due to forced participation from many tax preparers. "With a new legislative e-file mandate for tax preparers, we anticipate that more tax return preparers will be using e-file this year, and we urge people who prepare their own taxes to give it a try. IRS e-file is now the norm, not the exception.”
While many tax returns are eligible for immediate e-filing, the IRS is still working to reprogram its computers to reflect new tax law changes enacted by Congress in December.
In particular, taxpayers who itemize their deductions by using Schedule A, who claim the higher education tuition and fees deduction, or who claim the educator expense deduction must wait a few more weeks to file their returns. Based on historical filing patterns, the IRS anticipates the delay impacts about 9 million taxpayers. The delay impacts both paper and electronic tax returns, most taxpayers can file immediately.
Although the IRS has not announced a specific mid-February start date for accepting the delayed tax returns, many people using e-file can get a head start. Many major software providers have announced they will accept these impacted returns immediately. Those software providers will hold onto the returns and then electronically submit them after the IRS systems open in mid-February for the delayed forms.
The IRS has indicated that, as in previous e-filing years, e-file returns will be processed and refunds issued much faster than paper returns. It will take less than two weeks to process an e-filed return, but as many as four to six weeks to process a paper return.
You may like these other stories...
Lois Lerner isn’t a Superwoman, but she’s showing at least as much resilience as Lois Lane.A new report released on March 11 by the House Committee on Oversight and Government Reform, one of several government...
Each tax-filing season poses different challenges for small business owners – from understanding the new tax laws and regulations to preparing new forms and disclosures.But according to Kevin Anderson and Doug Bekker,...
In Denver, state legislators are probably thinking, "Why didn't we think of this earlier?" The state of Colorado's retail marijuana sales (separate from medical marijuana sales) in January alone generated...
Upcoming CPE Webinars
BAR is an acronym for: Boundaries, Authority and Role. This simple tool will provide participants with a solid understanding of leadership essentials to improve their performance.
This material is designed to provide a start-to-finish overview of how to plan and complete high-quality small audits efficiently.
In this session Excel expert David H. Ringstrom, CPA shares numerous techniques that you can use to work with charts more efficiently.
Key Accounting and Reporting Issues for Nonprofits No. 1: Overview and Statement of Financial Position
This material focuses on non-profit organizations organization, accounting and reporting.