Delayed Filing Season for Some Taxpayers
Following the recent law changes passed in late December 2010, the IRS issued News Release IR-2010-126 announcing a delay in processing certain tax returns in order to allow the IRS time to revise applicable tax forms and update its processes for the law changes. If you fall into any one of the three categories below you can expect the filing of your tax return to be delayed until mid to late February:
•Taxpayers claiming itemized deductions on Schedule A.
•Taxpayers claiming the Higher Education Tuition and Fees Deduction. However, the IRS emphasized that there will be no delays for taxpayers claiming other education credits such as the American Opportunity Tax Credit and Lifetime Learning Credit.
•Taxpayers claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250.
The delay affects both paper and electronically filed returns. The IRS is expected to announce a specific date when it will begin processing tax returns impacted by the law changes. For more information and updates, visit www.irs.gov.
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