On January 25, 2013, Long Island CPA Firm Diapoules and Feinstein CPAs P.C. comments on IRS’ delay for the tax return filing season.
As the article states, “we narrowly avoided going over the fiscal cliff earlier this month, but Congress’ down-to-the-wire decision making has had an unsavory side effect,” since the IRS announced that this year, the tax filing season won't begin until the end of January. “That delay is expected to impact the 18 million people who would normally file their taxes this month,” says the article.
The filing delay, obviously, also means a refund delay - taxpayers shouldn't expect their refunds until the end of February, according to the article. The article says the main problem with the delay is that the people most affected will probably be those relying on their refunds the most - including young families who need their refunds as quickly as possible (to pay off Christmas expenses, for example). Since many people use their IRS refunds as a major component in their financial planning, the delay will have definite consequences for many families. Many people rely on their refunds to make big purchases or reduce debt.
A CPA interviewed for the article says the end of January and beginning of February are, naturally, the busiest weeks of the tax season. He advises preparing early this year to head off the bottleneck that will result from the filing delay: “If you try to wait until the end of January it's going to be overwhelming. And it doesn't matter if you come to my office or any other accounting offices. It's just going to be a very, very large crowd. So if you've got your documents, go ahead and come in now and get your tax return done.”
Long Island CPA firm, Diapoules and Feinstein CPAs P.C., responds to the article, providing further advice for taxpayers. According to Jim Diapoules, “I truly feel sorry for the taxpayers that need their tax refunds as they will have to wait for their money as the IRS has to gear up for the recent tax law changes. The IRS has indicated that tax returns that contain certain forms cannot be efiled until March. People that use their refunds as a forced savings will have to rethink their behavior as some of their bills may go unpaid this year.”
“This is Washington’s dysfunction at its best. The actions of Congress are nothing short of irresponsible Not so long ago tax laws were enacted prospectively so the public and tax professionals could review and comment them on them before the changes went into effect. Technical corrections were made to mitigate unintended consequences of the tax law changes. Taxpayers back then were able to properly plan. Unfortunately, we may have to wait awhile before Congress gets its act together and stops the insanity.”
Diapoules and Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.
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