Industry NewsNews Brief

IRS still updating some key 2012 tax forms

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Some people feared that because the fiscal cliff debacle resulted in many year-end changes to the tax laws, the IRS would have to delay the start of the tax filing season this year in order to update its tax forms and processing systems. There is good news and bad news on this front. First, the good news is that the IRS has acted quickly and has completed the updating of most of its most popular forms. This means that the vast majority of tax filers -- more than 120 million households -- should be able to start filing tax returns starting Jan. 30. You can file on Jan. 30 whether you file electronically (which the IRS prefers), or on paper. There is no advantage to filing any earlier than this -- it won't speed up your refund. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major "extender" provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction...