Throughout the past year we have spent much time anticipating whether or not the Bush tax cuts would be extended; well as you all know they were. One consequence of the extensions happening so very late in the year is that the IRS can’t accept individual income tax returns for those who itemize until February 14th.
I find it interesting that many of the major, independent tax software providers are able to process the tax returns ahead of the time the IRS is able to “open its system to accept them.” This is yet another example of the efficiency of the private sector versus government (as if any of us need it.)
In any event, below is the link to an article published in the January 21, 2011 Journal of Accountancy outlining tax returns impacted by our most favorite Valentine, the IRS.
Journal of Accountancy “IRS Announces Date to Start Processing Delayed Returns”
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
