Tax refunds could be delayed this year
Some federal tax refunds could take longer to arrive this year thanks to the fiscal cliff, according to the Internal Revenue Service.
The IRS delayed the 2013 tax season until January 30 because the fiscal cliff standoff took so long to resolve. Now that returns are being processed, some people must wait a little longer to file.
“We’ve seen some of the refunds coming through, but there are still some delays,” said Liberty Tax of Indian Trail office manager Katherine Tice said. “We’ve been telling people to expect the returns within about 21 days. Last year, it was between seven and 15 days.”
Part of this year’s delay is IRS release of forms for people claiming education credits and depreciation. Form 4562 for depreciation and amortization, usually used by businesses, was released Sunday. Form 8863 will be released Thursday, according to an IRS release.
People using online filing services can still file their tax information before then, but the government will not begin processing them until later, the release states.
Once IRS systems are reprogrammed and tested to comply with the American Taxpayer Relief Act passed Jan. 2, processing should resume, the release states.