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...
Camp Hopes Estate Tax Will Be on Its Way OutAn article in Bloomberg said that Republicans are considering voting this year to repeal the U.S. estate tax, according to House Ways and Means Chairman Dave Camp (R.-Mich.). He...
Senate Takes Different Approach from House for Highway and Bridge FundEarlier this week, according to a New York Times article, the Senate agreed to fill the coffers of the fund that pays for highway and bridge repairs with...
There it stands, your client's 100-year-old, rickety, vermin-infested barn or former hotel or whatever the darn thing once was. And she's considering what to do with it. There are two words that can help her decide...
Upcoming CPE Webinars
FRF for SMEs Series--Measurement and Disclosure Principles for various Consolidations and Business Combinations, Part 4B
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
In this session we'll review best practices for how to generate interest in your firm’s services.
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.