As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells...
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- IRS to Begin Accepting Tax Returns on January 30
IRS to Begin Accepting Tax Returns on January 30
We’re just over a week away from the beginning of tax filing season!
Congress took until New Year’s Day 2013 to sort out the “tax extenders” and Alternative Minimum Tax for 2012, but the IRS hit the ground running and will have most tax forms ready by next Wednesday, January 30. There’s not much sympathy for the IRS but they deserve some kudos for getting things together with minimal delay:
The IRS anticipates that the vast majority of all taxpayers can file starting Jan. 30, regardless of whether they file electronically or on paper. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future.
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