IRS Issues All Clear for Filing All Tax Forms
The Internal Revenue Service announced on March 4, 2012, that it can now accept all individual and business forms for the 2012 tax season. Normally, tax season begins in mid-February. However, the fiscal cliff legislation enacted in early January required last minute reprogramming and testing of numerous IRS systems. As a result, the opening for the 2012 tax season was staggered as the IRS brought additional corrections online.
The service began accepting most returns filed by individual taxpayers on January 30 and added additional forms in February. Now, all remaining updates required are in place, including those needed for Form 5695, residential energy credits, and various business tax credits and deductions, including those listed below. (The complete list is available on the IRS website.)
- Form 3800 General Business Credit (and virtually all forms the feed into Form 3800)
- Form 4136 Credit for Federal Tax Paid on Fuels
- Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
- Form 5884 Work Opportunity Credit
- Form 8582 Passive Activity Loss Limitations
- Form 8839 Qualified Adoption Expenses
- Form 8844 Empowerment Zone and Renewal Community Employment Credit
- Form 8903 Domestic Production Activities Deduction
- Form 8908 Energy Efficient Home Credit
With only six weeks to go before the April 15 filing deadline, the IRS is advising taxpayers to take advantage of electronic filing and to choose direct deposit if expecting a refund. If six weeks is too short a time for you to file your return, you can get an automatic six-month tax-filing extension by going to the Free File link or filing Form 4868.