IRS Begins Accepting 2012 Tax Returns

The Internal Revenue Service (IRS) began accepting most 2012 tax returns on January 30, 2013 after completing recent updates to, and testing of, its processing systems consistent with the American Taxpayer Relief Act. Despite the opening of tax season, there are still a few forms that require more extensive programming changes within the IRS such that they will not be available until a later date. Those include form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization), and Form 3800 (General Business Credit). A full listing of the forms that won’t be accepted until later is available on the IRS website: www.IRS.gov. The IRS suggests that using e-file is the best way to assure accuracy in filing your return. And if you are expecting a refund, using e-file with direct deposit is the fastest way to get the refund.

Once a return is filed, taxpayers who are expecting a refund will be able to track their return on the IRS website using the “Where’s My Refund?” tool. The IRS will issue a “personal refund date” to taxpayers once their return is processed and approved, thus giving taxpayers the opportunity to plan ahead for receipt of funding. Information from “Where’s My Refund?” is generally available within 24 hours from the e-filing of your return or 4 weeks after mailing a paper return. The system updates every 24 hours and provides the most accurate and complete information available from the IRS. In order to use the tool, taxpayers will need their social security number, filing status, and the exact dollar amount of the refund they are expecting. To help prevent against fraud, the IRS has put stronger filters in place, and it expects that most returns will be processed within 21 days. Approximately 10% of returns will take longer to process.

The tax filing deadline is Monday, April 15, 2013.

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