Tuesday Tax Tidbit: 2012 Return Filing on Hold for Many Taxpayers

While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they would have been better news had they been signed into law earlier.

Because many breaks were retroactively extended back to January 1, 2012, numerous IRS forms have to be updated accordingly. But the IRS couldn’t get started until after the changes were signed into law January 2, 2013. And this means many taxpayers will have to wait to file their 2012 returns.

Both individual and business taxpayers are affected. Forms that need to be updated include those for:

•     Qualified adoption expenses
•     The general business credit
•     The Work Opportunity credit
•     The research credit
•     Empowerment Zone and Renewal Community credits
•     New Markets credits
•     Various energy-related tax breaks for individuals and businesses

Some of these forms might not be updated until March. Please contact Weaver if you have questions about when you can file your 2012 tax return.