It's your money: Tax refund delay
Posted at: 01/17/2013 5:48 PM
| Updated at: 01/17/2013 10:39 PM
By: Amanda Ciavarri | WHEC.com
You might get your tax refund later than usual this year and it's all because of the congressional debate over the Fiscal Cliff.
If you were hoping to file your taxes in the next few days so you can get a refund earlier, you need a “Plan B”. The IRS says the filing season has been delayed due to the debate over the Fiscal Cliff deal and new tax laws.
What it all boils down to is when it comes to programming IRS computers and printing the forms needed to file taxes. Things are being delayed to make the change that took place with the new law.
Sam DiSalvo, Tax Director, Freed Maxick, said, “Congress really went till the 12th hour to finish it, wasn't singed by congress till January 1. and the president didn't sign in till the 2nd.”
Sam DiSalvo is a tax director with Freed Maxick. He sat down with News10NBC's Amanda Ciavarri Thursday afternoon to explain the deal.
Sam DiSalvo said, “Basically, what happens is they made changes to the forms as a result of the late changes in the law. And to do that it would seem very simple, but to work it through their system and accommodate people with all different kinds of services and be able to put it on the form it a way that makes it easy for the tax payers it took some time to do.”
According to the IRS's website, the earliest they will start to process tax returns is January 30.
News10NBC's Amanda Ciavarri said, “If I have my W2, I can still file my taxes, the IRS just isn't going to process them till the end of the month?”
DiSalvo said, “That's the key distinction and I think a good question. I would encourage everyone to continue filing preparing, compiling their information as they normally would the only thing is the IRS at the earliest isn't going to start processing in terms of refunds and liability till January 30.”
Ciavarri said, “How is it going to impact tax payers on the back end when it comes to getting our refund checks back?”
DiSalvo said, “I think now what you can expect is that the refund for these filings, those that file as soon as they can on January 30, that those refund wont be ready till mid-February at the earliest, and we are probably looking at the end of Feb. Early March.”
Ciavarri said, “A lot of people count on getting this money as soon as possible, what is your advice to those people who really rely on it?
DiSalvo said, “That's a difficult question, and that is a concern everyone has on this cause some people use this money to pay bills. I think the best thing they can do at this point is to process their return and get it ready for processing rather as soon as possible.”
Despite the delay, the April 15 deadline is not changing. News10NBC asked how that can be legal and was told the delay isn't long enough to stop people from filing their taxes.
There shouldn't be a delay in W-2 forms being sent out. Companies are still required to get them to employees by the end of the month.