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
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
What is Business Law and Why Is it Important?
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
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
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.