Snyder and Associates

 

Tax Byte

Tax Season 2013: Filing Season Update

The IRS is making progress on updating their systems to accommodate the new rules congress passed in the tax bill on January 2, 2013 to avoid the infamous Fiscal Cliff.  The bill contained a multitude of retroactive changes that required the IRS to modify 2012 tax forms and computer programs before it could begin accepting returns.

 

On January 30th, the IRS began accepting some individual tax returns, but only ones that did not claim a variety of credits and depreciation deductions, among other items.  Very few of our clients fell into this category.  As of this past Sunday (2/10/13), the IRS is now able to accept returns that claim depreciation deductions.  Returns claiming business credits and some individual tax credits still cannot be filed. The IRS is expecting to be able to accept them in late February or early March.

 

So far the IRS has not delayed the filing due dates for the 2012 tax returns.  Business returns are still due March 15th and individual returns on April 15th.  Automatic six month extensions are available for all returns.

 

The IRS has extended the special filing date from March 1st to April 15th for farmers who use the one-time-payment exception instead of making quarterly estimates.  Returns for farmers have always been due by April 15th just like other individual returns, but those that qualify have a special provision allowing them to avoid making quarterly estimates during the year as long as they file and pay any taxes owed by the March 1st deadline.  For this year only, qualifying farmers still get the one-time-payment exception but don't have to file their returns and pay the tax until April 15, 2013.

 

As always, we're here to help you navigate the complex waters of our U.S. tax code...

 

Linda Sheridan, CPA, CVA

Principal

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