Of Comptroller Of Currency
As the new year is upon us, we now find ourselves having to deal with the yearly task of filing tax returns. Tax preperation companies have already opened their doors to clients and on January 14 the IRS will begin accepting tax returns for most taxpayers. Due to some 2010 tax law changes that were passed in December, however, many people will find themselves unable to file their returns until mid-to-late February.
With that news also came news of the extension of the tax deadline to April 18 due to Emancipation Day, a holiday observed in the District of Columbia. Deadlines with the IRS are impacted by District of Columbia holidays, so those who normally wait until the last date for filing tax returns, usually April 15, will find themselves with a few extra days. Those who request an extension on their federal tax returns this year will have until October 17.
New Tax Law Changes for 2011 Will Delay Tax Filing for Some People
Because new tax laws were just passed in December, the IRS now needs time to update its processing systems. Those who will be impacted by these delays are taxpayers claiming itemized deductions on Schedule A and those claiming the Higher Education Tuition and Fees Deduction or the Educator Expense Deduction. Any taxpayer claiming these deductions, whether by paper or electronic filing, will have to wait until the IRS has reprogrammed its systems to process those returns.
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