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An IRS news release today highlights the unusual tax filing season McRuer CPAs and other tax preparation firms are experiencing due to the delayed “Fiscal Cliff” resolution.
The IRS has announced it will waive the penalty normally assessed for late payment of income tax for taxpayers who are affected by the delayed release of 31 different forms commonly used for tax preparation. The IRS notice of relief applies to taxpayers who have requested an extension of time to file their return and who use at least one of the 31 forms.
Due to many last-minute tax law changes in the American Taxpayer Relief Act of 2012, the IRS was not able to update tax forms in time for the beginning of the tax season. Some of the forms were made available only a week ago. The American Institute of CPAs (AICPA) and tax preparation service providers spearheaded an effort to file complaints on behalf of taxpayers about the issue.
The IRS has now agreed that the late issuance of the 31 forms may prevent some taxpayers from calculating their 2012 taxes and make any payment due by the April 15th deadline.
However, beware; because the IRS has an automated assessment process about the late-payment penalty, it says affected taxpayers will still receive an automatic assessment notice and demand for payment. The taxpayer will have to then respond in a letter explaining eligibility for relief and detailing which forms caused the late payment.
For more information you may wish to read an article from the AICPA in the Journal of Accountancy or the actual IRS Notice. Due to the additional burden of proof taxpayers bear, McRuer CPAs continues its extraordinary effort to complete our clients’ returns prior to the deadline despite the unprecedented forms release delay. Please feel free to contact us at McRuer CPAs with any questions you may have.
