January 2013 Tax Filing Notice

IRS Delays Acceptance of Tax Filings

On Jan. 8, the Internal Revenue Service announced that it will begin processing individual income tax returns on Jan. 30 for the 2012 tax season. However, taxpayers filing 1040s that include certain key forms will not be able to file until late February or March.

After the tax law changes enacted as part of the American Taxpayer Relief Act – passed by Congress on Jan. 1 – the IRS needs to update its forms and complete the programming and testing of its processing systems. The IRS originally planned to open electronic filing on Jan. 22, so most households will only face an eight-day delay before the IRS will begin accepting returns. But taxpayers who file more complex returns will face a longer delay into late February or March. The IRS says that a specific date will be announced in the near future.

The IRS attempted to anticipate the late tax law changes as much as possible, but the final law requires the IRS to perform more extensive changes for certain forms. This group includes taxpayers claiming residential energy credits (Form 5695), general business credits (Form 3800), and depreciation of property (Form 4562).

The IRS will not process any paper or electronic returns before Jan. 30. Penalties can be issued for 1040s filed with the incorrect forms.

The list of forms that 1040 filers must wait until late February or March to file is as follows:

• Form      3800 General Business Credit
• Form      4136 Credit for Federal Tax Paid on Fuels
• Form      4562 Depreciation and Amortization (Including Information on Listed      Property)
• Form      5074 Allocation of Individual Income Tax to Guam or the Commonwealth of      the Northern Mariana Islands
• Form      5471 Information Return of U.S. Persons With Respect to Certain Foreign      Corporations
• Form      5695 Residential Energy Credits
• Form      5735 American Samoa Economic Development Credit 
• Form      5884 Work Opportunity Credit
• Form      6478 Credit for Alcohol Used as Fuel
• Form      6765 Credit for Increasing Research Activities
• Form      8396 Mortgage Interest Credit
• Form      8582 Passive Activity Loss Limitations
• Form      8820 Orphan Drug Credit
• Form      8834 Qualified Plug-in Electric and Electric Vehicle Credit
• Form      8839 Qualified Adoption Expenses
• Form      8844 Empowerment Zone and Renewal Community Employment Credit
• Form      8845 Indian Employment Credit
• Form      8859 District of Columbia First-Time Homebuyer Credit
• Form      8864 Biodiesel and Renewable Diesel Fuels Credit
• Form      8874 New Markets Credits
• Form      8900 Qualified Railroad Track Maintenance Credit
• Form      8903 Domestic Production Activities Deduction
• Form      8908 Energy Efficient Home Credit
• Form      8909 Energy Efficient Appliance Credit
• Form      8910 Alternative Motor Vehicle Credit
• Form      8911 Alternative Fuel Vehicle Refueling Property Credit
• Form      8912 Credit to Holders of Tax Credit Bonds
• Form      8923 Mine Rescue Team Training Credit
• Form      8932 Credit for Employer Differential Wage Payments
• Form      8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

The IRS will work closely with the tax software industry and the professional tax community to minimize delays and ensure a smooth tax season. Given this year’s increased complexity, it is more important than ever to obtain professional assistance with income tax returns for the 2012 tax year.