The IRS announced today that January 30 will be the first day they will begin to process most 1040s. This means that January 30 is the first day they will accept e-filed returns. Although they will accept paper-filed returns before that date, they will not begin processing them until then.
The IRS also announced that the processing date for returns containing certain forms will be delayed until “late February or into March.” Two of the more common forms on the list are Form 4562, Depreciation and Amortization (Including Information on Listed Property), and Form 8582, Passive Activity Loss Limitations. For those who use tax preparation services, we recommend bringing in your 2012 work as soon as it is ready, as you normally would do. Just because the IRS can't process the returns yet doesn't inhibit us from preparing your return and getting it ready for submission.
This delay, due most notably to the late Congressional action on the Alternative Minimum Tax Patch, was expected.
Jeremiah K. Murphy, CPA is an accounting firm providing tax services, audits and business consulting.