James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Internal Revenue Service Delays Start of Tax Filing Season
Author: James F. McDonough
Date: January 25, 2013
Key Contacts
Back
Tax Filing Season will Start January 30, 2013
Last year was a significant one for many individuals who made key changes to their finances and investments in anticipation of the fiscal cliff. However, those who want to see how these changes will impact their tax liability may have to wait longer than usual due to the Internal Revenue Service’s recent announcement that it will delay the start to tax filing season to January 30, 2013.
The IRS made the announcement on the heels of the fiscal cliff deal reached by lawmakers, which resulted in several key changes to tax law and made certain benefits and rates permanent. In response, the federal agency said it must delay the start of filing season to take the new laws into account. Meanwhile, it will begin updating forms and completing programming and testing of its processing systems. The delay is likely to affect roughly 120 million Americans of all income demographics who file income tax returns.
However, the IRS said the delay may have more of an impact on those who file more complex returns and claim certain tax benefits. For example, those claiming residential energy credits, depreciation of property or general business credits may experience a longer wait time after submitting their returns as the IRS may require more time to process extensive forms and update systems.
“We have worked hard to open tax season as soon as possible,” said IRS acting commissioner Steven Miller. “This date ensures we have the time we need to update and test our processing systems.”
However, individuals should keep in mind that the filing deadline is still April 15. Although taxpayers may have to wait longer to file, they may benefit from using the additional time to take into account the tax law changes made on January 2. For example, the estate tax law was made permanent and sets the lifetime exemption at $5 million for individuals – or $10 million for joint filers – and a tax rate of 40 percent. As these terms will not experience fluctuations in the future, the new year may be a good time for individuals to begin making concrete decisions regarding their estate planning.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.