Tax

Tax Accountant in Miami Cope with IRS Tax Season Delay

Tax Accountant said IRS delays start of tax season for individual returns would be postponed until February 17 with some as late as March

Tax Accountant in Miami Cope with IRS Tax Season Delay

Tax Accountant in Miami reacted to the Internal Revenue Service’s announcement that tax season would be delayed until the end of the month with a mixture of statements ranging from acceptance to resignation to the equivalent of “I told you so.”

The IRS said Tuesday that the start of tax season for individual returns would be postponed until January 30, with some tax returns unable to be processed until late February or March.

Tax Accountant in Miami warn Don’t Delay

Tax Accountant in Miami Gustavo A Viera noted that the February 17 start for processing federal income tax returns was eight days later than originally planned. Not one to lose business because of a minor thing like an IRS delay, however, Viera cautioned that this does not mean taxpayers have to delay preparing their tax returns.

While the IRS indicated some forms may be delayed, the majority of Tax Accountants in Miami can begin the filing process now. By preparing the tax return now, taxpayers can have confidence they’ll get their tax refunds as fast as possible.

According to IRS data, approximately 18 million total Tax Accountants in Miami typically file a tax return in January with 98 percent of those receiving a refund, Viera noted. “With refunds now coming several weeks later, those who can afford it the least are impacted the most,” Viera said.

To ensure timely processing of the return and refund delivery, the Tax Accountant in Miami recommended that taxpayers still prepare their return as they normally would.

“Despite the new filing date, Tax Accountant in Miami can—and should—start having tax returns prepared,” said the Viera. “Tax Accountant in Miami now has all locations open to assist taxpayers in answering their questions and preparing their returns. Approximately 18 million taxpayers file in February.”

“Although unfortunate and burdensome for millions of Tax Accountants in Miami, this IRS delay does not impact our readiness or our ability to work with our clients,” said Viera. “In fact, the delay, which is one of many complexities resulting from the recent fiscal cliff negotiations, points to how this year is even more challenging than years past. Now more than ever is the time to work with an experienced Tax Accountant in Miami to navigate the many changes and ensure every taxpayer makes the most of those changes.”

Tax Accountant in Miami Viera insisted that its systems and software are all up to date, even though the IRS had just announced that its own systems were not. “Those who are ready to begin the filing process can stop by their local Tax Accountant in Miami, begin their return, determine the amount of refund owed to them and select how they prefer to receive their refund and have everything finalized for the IRS acceptance date,” said the Viera. “The IRS anticipates that nine out of ten refunds will be issued again this year in less than 21 days, and even with the delay for filing until February 17, the sooner taxpayers file their returns, the sooner they will get their refunds. “

Most Tax Accountants in Miami will be able to prepare returns on January 30, including Tax Accountant in Miami who itemize deductions and claim the sales tax deduction, Viera noted, although that might make its offices a little bit crowded.  However, the Viera acknowledged that taxpayers who claim an energy credit, depreciation, or business credits would be delayed until late February.

Tax Accountant in Miami Viera acknowledged that the IRS’s announcement meant that the vast majority of tax filers—more than 120 million households—should be able to start filing tax returns starting February 17. However, it added, “to further frustrate the situation, refunds could be delayed to mid to late February.”

“Due to the last-minute tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the IRS has scrambled to update forms and make critical programming changes to its processing systems,” Viera explained. “They also anticipate that the remaining taxpayers will be able to start filing in late February and early March because of the needed changes on the more extensive forms and processing systems. The IRS provides a full listing of the forms that are currently not being accepted on their website: IRS.gov.

“Tax Accountant in Miami Viera is staying in contact with the IRS to keep abreast of the release of these updated forms. And we are fully prepared to move forward and help our customers get their money as quickly as possible,” said Viera.

Tax Accountant in Miami Viera said it would be “working alongside the IRS to help the American people with the delays this tax season and to ensure they receive the most current and accurate tax assistance.”

The IRS could have used some of that timely help from lawmakers in Congress who waited until the last possible minute—plus about 24 hours beyond that—to finally pass the fiscal cliff legislation setting the tax rates, patching the AMT, and extending the expired tax breaks.

Tax Accountant in Miami Tax Accountant in Miami

Tax Accountant in Miami Cope with IRS Tax Season Delay

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This post was last modified on May 13, 2021 8:23 AM

Gustavo Viera

Gustavo A Viera is the managing partner of Accountants in Miami. His experience spans more than 35 years. He started his career in public accounting at the Big 4 CPA Firm of PriceWaterHouseCoopers where reached the level of senior audit manager. His Fortune 500 experience includes positions as CFO - Latin America Region for both Hewlett Packard and Telefonica of Spain. Gustavo also writes a blog twice a week that addresses trending accounting and tax issues. He is an SBA Advisor and teaches workshops for aspiring entrepreneurs. His office is located at 8950 SW 74 Court Suite 2201 – Miami, FL 33156 and is admitted to practice in the State of Florida as a licensed Certified Public Accountant. Gus welcomes questions and he can be reached at 305-431-2601.

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