INCLINE VILLAGE, Nev. - That's what IRS says - what's your hurry?
Oh, all right - so you're due a refund, and want the dough right away. IRS doesn't care - they're telling we and thee not to bother even trying to file until January 30. That's the message of Information Release 2013-2, wherein IRS announces it "plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30."
It's an administrative matter, you see. IRS is just so busy completing programming and testing all of its processing systems right now. So all of you schlubs, out there - all 120 million of you - will just have to wait, leaving your dough in Obama's hands for a bit longer.
Please join us in shedding a tear for how hard all of those Revenooers are working on this matter - "We have worked hard to open tax season as soon as possible," quoth IRS Acting Commish Steven T. Miller. "This date ensures we have the time we need to update and test our processing systems."
We just keep being reminded of the fact that Congress can miss deadlines (recall the recent "Fiscal Cliff" fiasco which didn't get resolved until after December 31), and now the IRS can be tardy in its ability to "allow" you to file and get your money back if you're due a refund, whilst a nanosecond of delinquency on the part of we and/or thee carries with it the bludgeon of one penalty after another.
But they're working so hard for you.
So, the "vast majority" of all taxpayers can start filing on Jan. 30, regardless of whether they file electronically or in paper form. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major "extender" provisions for folks claiming the state and local sales tax deduction, higher education tuition and fees deduction, and educator expenses deduction.
The good news in all of this is that they didn't extend the filing date (past April 15), thus forcing all of us to put up with all of the last minute headaches even longer than usual!
And don't expect any sympathy if you are forced to take some dough out of your IRA before age 59-1/2. Recall that in so doing, the law hits you with a 10% early distribution penalty in most cases. So here comes taxpayer Matthew Nasuti, who pled mercy on the basis that he was "coerced" to withdraw from his IRA because he was illegally terminated. His argument - the withdrawal was involuntary.
"Sorry," said IRS, and the First Circuit Court of Appeals. Pony up.
- CONSULT YOUR TAX ADVISER - This article contains general information about various tax matters. You should consult your CPA regarding the implications to your own particular situation. Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno. He can be reached at 831-7288, welcomes comments at email@example.com.