|Have you heard?
The processing of tax returns for those claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917, and the educator expenses deduction will not take place until February 14th
.What does this mean for you?
As nearly all of our clients claim itemized deductions, this delay means that those who are due a refund will not be able to file until February 14th. Therefore, those due a refund will likely receive it substantially later than in previous years.
Maco & Associates will process returns and meet with our clients, but we want to be clear that our filings will not be accepted before February 14th. Further, the IRS forms are not yet finalized, so we won't have answers on what your full tax liability may be until the IRS completes their redesign. Why is there a delay?On December 23rd, the IRS warned that because of the late enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended various expired provisions, it would need time to reprogram its systems and update Schedule A. As a result, taxpayers who itemize deductions on Schedule A and those who take certain extended deductions would not be able to file their returns at the start of tax season. Our assurance
We are committed to you and will do everything we can to provide the best customer service possible despite the IRS delays. Please continue to schedule your meetings with us in the meantime.
if you have questions. We know this is not an ideal situation and appreciate your patience and understanding during this time.- Maco & Associates