On January 8, 2013, the IRS (Internal Revenue Service) communicated that it will begin accepting and processing personal income tax returns on January 30, 2013. Normally the IRS starts accepting tax return filing around the 2nd week of January, but because of the changes in tax laws due to the American Taxpayer Relief Act (ATRA), that was enacted on January 2, 2013, the 2013 tax filing season will begin much later.
The IRS worked very hard to forecast the late tax changes, but at the end it requires the IRS to update forms, instructions, processing systems modifications before it can start accepting income tax returns. “We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”
The consumer must be aware that this late tax filing date will affect the date they are expecting to receive their tax refund. The IRS has also stated that because of the high increase in tax fraud and identity theft, they are implementing new forms and procedures to prevent them as much as possible. These new procedures and forms will also affect the time they issue tax refunds to tax payers.
The IRS has expressed tax professionals that they should advise taxpayers to expect their tax refunds in 21 days. There is no benefit to filing on paper before the opening date. Taxpayers will receive their tax refunds much faster by using e-file with direct deposit. Filing your tax return electronically is your best option.
Tax Payers can go to Where’s My Refund? to check the status of their tax refund. The IRS has announced that the Where’s My Refund? tool has a new look for 2013. The tool will include a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent. According to www.irs.gov, you will get personalized refund information based on the processing of your tax return. The tool will provide an actual refund date as soon as the IRS processes your tax return and approves your refund. Also, in 2013 the tax payer will be able to check on the status of their return sooner – within 24 hours after the IRS has received their e-filed return or 4 weeks after you mail a paper return.
For more information about tax preparation services, please contact us at 407-344-1012. God Bless.<>