The IRS is asking taxpayers who itemize their tax return (yes, you mortgage interest, real estate taxes, charitable deduction folks) not to file until mid/late-February.
Ahh yes, more evidence of the folks who are going to run and enforce your health care at work! The IRS announced on Sunday (how convenient on a holiday weekend, huh?) they are asking for your patience. It seems like some certain Congress (that would be the 111th, lowest rated evah) procrastinated (insert your surprise look) in making a decision to extend the Bush tax cuts which has resulted in the need to reprogram their computers.
The Bush tax cuts were enacted in 2001 with a KNOWN EXPIRATION DATE OF 2010. Instead of discussing this before the November mid-term elections to allow the IRS ample time to program their computers with the changes, the Democrat leadership delayed them (intentionally).
In reality, this is not a huge deal UNLESS you are one of the estimated NINE MILLION people who are routinely able to gather your financial docs quickly and submit them for early processing. Not a huge deal UNLESS you are one of the 15 million unemployed groping for every dime. So you early birds will just have your return mixed in with the other 31 million itemizers who normally file after late Feb. further creating a delay for all of us as the IRS runs 40 million itemized returns together after March 1st.
As a remedy, the IRS (ridiculously) suggests to file a return in claiming your standard deduction and get whatever amount that results in sent back to you as a refund. Then, once the computers are aligned, send an amended tax return (with your itemized figures) for the balance of your refund. Real simple, because all of us know how easy the 1040X is to muddle through or how much we enjoy paying our accountant twice.
Of course, since it is no fault of your own and the intentional consequence of our foot dragging Congress critters, they have announced a compensation package. The details are as follow-- "We are sorry".
No comments:
Post a Comment