The IRS has delayed the start of the 2013 tax return processing year. The original date the IRS would begin processing income tax returns was January 21. The earliest tax returns will be processed is January 28, but they have the option of beginning as late as February 4.
What does this mean? Normally when the Service delays the beginning of the tax season it goes glove and hand with a delay in the approval of tax forms. If they won’t accept a return to process until January 28, it’s a good bet that the forms won’t be approved until then also. This avoids any issue with someone filing a tax return too early.
This delay will indeed trickle down to corporate and partnership returns. Forms for those returns were not approved until the end of February 2013 for the 2012 tax return filing season.
These backlogs create problems for the IRS as they will normally get a tremendous flow of returns in the remaining days of the tax season (the start date has been delayed, not the due date, that is still April 15 for 1040 filers). This return flow outstrips their ability to process returns and historically leads to e-filing and paper filing delays and outages in their systems.
What should you do? Get you information into us as soon as possible. We can have your information loaded and ready to process for when the forms are approved and get your e-file refund back to you as soon as possible.