Feb 4, 2013

Many Business Tax Filers Can File for 2012 Starting Feb. 4

Here is a word from the Goodfellas at the IRS:

Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March.

The Monday opening covers non-1040 series business returns for calendar year 2012, including Form 1120 filed by corporations, Form 1120S filed by S corporations, Form 1065 filed by partnerships, Form 990 filed by exempt organizations and most users of Form 720 , Quarterly Excise Tax Return. This includes both electronic filers and paper filers.

While many businesses will be able to file starting Feb. 4, there are a number of business forms still being updated for 2012. The IRS will announce soon when individual and business taxpayers can begin filing returns that include any of the delayed forms. Processing of these forms were delayed while the IRS completes programming and testing of its processing systems to reflect changes made by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2.

A full list of the affected forms is available on IRS.gov.

In addition to the forms listed on IRS.gov, filing of two other business forms is affected by the delay, but only for electronic filers. Businesses using Form 720 and filling out lines 13 and 14 cannot file yet electronically, but they can file on paper. Other Forms 720 are being accepted electronically. In addition, Form 8849 Schedule 3, Claim for Refund of Excise Taxes, is not currently being accepted electronically, but it can be filed on paper.

Additional information will be posted soon on IRS.gov.


Enrique Booth said...

Good thing I have my reliable accountant with me! I did not have to go through a winding process of calculating everything again and again. I believe having a licensed accountant would help any business owner to keep accurate records of all sales and expenses throughout the year. And he knows how to make the most of my tax deductions. =)

Enrique Booth

Sansone Conti said...

I prefer the electronic process because there's no hassle of falling in line with other taxpayers as you go through the procedure. With e-filing, all you have to do is to wait for the schedule, follow the process with simple clicks, and you're done. You can do it any time within the day too, which is very convenient on your part.

Jamaal Solomon, EA said...

I totally agree that e-filing is the way to go

Allison Gill said...

I remember how tiring it was to file the taxes for my business until a friend of mine recommended an accounting firm who helped me a lot with the process. I hope that those who filed their forms and who’ll just file theirs in the next days, will have an easier time of processing their taxes with the help of CPA’s who can extend their efficient services. It’s a great help when you have some help from professionals. :)

-Allison Gill-