The IRS reports that it is going to process the tax returns on February, 14, as they require detailed deductions. Besides, charitable donations, local and state taxes and mortgage interest are included. In fact, any delay also has the impact on tax filters requiring deductions for college fees and expenses. According to IRS report, last year almost nine million home owners had filed their tax returns before Valentine’s Day. Actually, on December the 23rd, IRS stated that it will be necessary to wait till the late February in order to file the taxpayers’ returns. The delayed start of tax returns filing season is determined by the changes in the 2010 tax law.
Well, the IRS says that most of households felt no impact of such late filing and a lot of taxpayers just don’t file before the very deadline that comes in April because the collecting of documents take some time. Besides, the agency was just unable to renew the processing technologies and start accepting the tax returns early due to the enactment late date.
Tax Returns Acceptance
Some of the software providers submit their affected returns to the IRS on February the 14th as now they can accept them. According to the executive director of the Tax Institute, Kathy Pickering, the agency is able either to accept the returns or to hold them. Besides, in some cases, the taxpayers are encouraged by the agency to file the tax returns now and to improve them in some time, if they suffer from important financial effects from not receiving refunds.
However, the extreme term, or so-called deadline, for filing the returns, that was usually set on April the 15th, is likely to be pushed back in 2011 to April the 18th. This change is determined by the fact that April the 15th is a legal holiday called Emancipation Day in the District of Columbia and the next two days are a weekend.
In fact, such changes can lead to public confusion as some people can stay unaware of these new instructions. The same happens when the lawmakers provide new bills concerning payday loan lenders and the industry on the whole.