February 14 will be more than just Valentine’s Day this year in the United States. Certain federal returns for tax year 2010 have been delayed from being processed due to late changes to the tax code. The Internal Revenue Service needed extra time in order to update its systems to handle the recent changes enacted in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
On January 20, the IRS announced that, starting February 14, it will begin processing tax returns for those who claim itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917, and the educator expenses deduction. Most taxpayers are free to file their 2010 tax returns immediately. The IRS estimates that approximately nine million taxpayers would be impacted by the delay in processing.
For more information on Kohler & Smith Co., LPA’s tax planning and preparation services for your individual, business, or fiduciary tax matters, call (614) 888-4911 or visit www.kohlersmith.com today!