A Late Tax Season for 2013

        For the past few years congress has enacted numerous tax law changes that require new forms, new rules and a host of new calculations. For each change that congress makes the IRS has to first make or adjust the forms, update their computer processing systems, test the results and then release the final versions to the public. Just about every tax preparer today uses some kind of tax software and as soon as the final form version is released by the IRS and in many cases even before then the programmers are updating the tax software so that tax preparers can service the public. This year it just got worse.

Firstly, the IRS would not accept personal tax returns until after January 30^th, 2013. To make matters worse as of the present date 29 forms have not been finalized by the IRS. In particular, according to the IRS certain forms for partnerships, S-corporations, C-corporations will not be made available until a week before the March 15^th filing deadline. It depends if any of these forms pertain to your particular tax return.

For those taxpayers that need a K-1 from a pass through entity, to prepare your personal return, you may have no alternative than to file an extension and wait until all the updates are issued and then file at a later date.

At this juncture, everyone just needs to be patient and in time we can all get through this.