Cranmere Accounting & Tax Services
Update Monday March 4, 2013 – The IRS is now accepting all 2012 individual and business tax returns.
The IRS announced on Friday February 8, 2013 that they are now ready to accept 2012 tax returns with some of the forms that were previously delayed.
Starting on Sunday February 10, 2013 the IRS will start accepting 2012 tax returns with Form 4562 Depreciation. It is pleasing to see that the IRS has managed to get their testing done on this form much quicker than expected. This means that most Schedule C filers should now be able to file their 2012 tax return as well as a lot of corporations and partnerships.
On Thursday February 14, 2013 the IRS will start accepting returns with Form 8863 Education Credits.
There are are still several forms that can not be filed. These are shown on the IRS notice linked above. The IRS has indicated that it will probably be the first week of March when returns with these forms can be filed.
So far I have clients with Form 8582 Passive Activity Loss Limitations and Form 5695 Residential Energy Credits who will need to wait to file their returns.
As I have mentioned in previous articles if you are due a tax refund without using these forms and you need the refund sooner rather than later you could file now without the forms. Then, in March file an amended return using the delayed forms.
Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.
Posted By Mark Smith
Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at info@cranmereaccountingandtax.com if you need assistance with any of the above.
