We know you have a choice when choosing a tax professional, and we want to thank you for your business! We want to let you know about an important change the IRS has made, that impacts all of us.
The IRS delayed the processing of individual tax returns until January 31, 2014.
This is the latest start date for IRS processing of tax returns in the history of tax filing. Because of this IRS delay, early filers throughout the country may be receiving their refund later than they had anticipated.
The IRS indicated this delay was necessary as a result of the October 2013 shutdown of the federal government. Because of the shutdown, the IRS noted that it needed additional time to make system adjustments before it could begin processing tax returns in 2014.
The United States Treasury announced on February 3 that the federal government will “hit the debt ceiling” beginning on Friday February 7, 2014, meaning that the federal government is unable to borrow additional funds to make payments. Some members of the United States Congress have warned that the debt ceiling will cause a further delay in the payment of tax refunds.
Electronic filing is still the fastest option
The IRS has said it will not process mailed returns any faster than electronically filed returns, so there is no benefit to mailing a tax return to the IRS. In fact, the IRS states taxpayers will receive their refunds much faster through using electronic filing.
Who is affected by the delay?
ALL taxpayers and ALL tax preparation offices nationwide have been affected by the IRS delay.
Now, more than ever, it is important to have a tax professional that is informed. We are committed to provide you with the most current information and best service available!