Are you planning to file your 2012 tax return early and worry about geting your refund? Yes, there will likely be tax refund delays again this year. Because of the delays in resolving the fiscal cliff and the Alternative Minimum Tax (AMT) the IRS is already warning about significant delays.
According to a letter from the IRS Commissioner, there could be a delay again this year.
Delays until January 30: The IRS has delayed the start of tax filing season for most taxpayers until January 30, 2013.The January 30 date includes people impacted by the AMT patch.
Delays until February or March: Further delays will be for people filing residential energy credits, depreciation of property (form 4562) or general business credits. Those tax returns will be delayed until late February or into March. In addition, Form 8863 for Education Credits will also be delayed. Form 8863 includes the American Opportunity Credit and the Lifetime Learning Credit.
The IRS has released new dates for the delayed tax forms. The IRS will begin processing tax returns:
February 10, 2013: Form 4562: Depreciation and Amortization.
Even though the AMT was resolved, the IRS has not updated their statement if refunds will be issued on time. The latest statement from the IRS says most people can expect their refunds in 21 days: How Long Does it Take to Get Your Tax Refund?
What’s the Reason for the Delay?
The delay is due to the changes in the last minute Fiscal Cliff Deal passed at the beginning of January.
You can get my latest articles full of valuable tips and other information delivered directly to your email for free simply by entering your email address below. Your address will never be sold or used for spam and you can unsubscribe at any time.