Tax season may run behind schedule
Liberty Tax Service warns of possible delays in the filing of tax returns due in part to the late congressional approval of the American Taxpayer Relief Act of 2012. Many of the changes to tax law affect the forms to be used for 2012 tax returns, and the IRS now must get the needed tax forms released to the various tax preparation firms and software companies, as well as to taxpayers.
The IRS previously announced it would not begin to process any tax returns until Jan. 22, which is about a week later than has historically been the case. This could mean delays of federal refunds anywhere from 10-21 days, when compared to prior years.
Also, about 30 states are affected because their tax forms and instructions could not be finalized until the federal issues were resolved. Ohio is expected to release its forms no sooner than the second or third week of January.