The IRS has recently released the new changes for the upcoming 2011 Tax Year. As always World Wide Tax Services is working diligently to keep up with issues in Tax that may affect you. With the current buzz about the condition of the economy, increases in unemployment, governmental cuts, and the unknown political changes to occur next year, most of us are watching our wallets and considering making some changes/reductions to improve if not stabilize our financial conditions. Many of us start the new year with hopes of a nice refund to either help offset costs, put away for savings, or purchasing that special item
Congress has passed the American Taxpayer Relief Act of 2012, ending the fear of the fiscal cliff increasing taxes for taxpayers. Due to the lateness of these changes the IRS will need additional time to update forms and instructions and systems in order to adopt the extender provisions. These changes are expected to delay tax filings similar to those of the 2011 filing season, when filing for some filers with “itemized deductions” were not able to file until mid-february. We will keep you posted as new information is released regarding the start of the 2013 Filing Season. Listed below is the information made available in
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.