Tax Refunds For Some Delayed: IRS Says It Was The Fiscal Cliff
Posted February 11, 2013 04:55 am | Public News Service
TALLAHASSEE,
FL - Don't plan on spending your income tax refund too
quickly this year: refunds are expected to be delayed
for some taxpayers. The IRS says that's a result of the
last-minute fiscal cliff debate in Washington, which
delayed the date returns could be accepted by about two
weeks. Also, there are some tax forms that are just
being released this week, particularly affecting some
types of education tax credits.
Adam Rust, research director with Reinvestment Partners, a consumer advocacy group, said the delay is tough for people who are struggling financially.
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Richard Beauchemin, CPA
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IRS
"People who were looking to catch up on bills, they might have been thinking, 'I'll get my refund in January and I'll have enough money to catch up and pay February 1 rent,'" Rust said. "That's really not going to happen."
In past years, an income tax refund took an average
of nine days to receive for people who filed
electronically. This year, the IRS says, it could be as
long as 21 days.
Kara Williams is a Taxpayer Assistance Coordinator for a
free tax preparation site. She said hearing that their
refunds are delayed or they can't file yet is a
disappointment for many of her clients.
"It's a hot mess," Williams charged. "They think, 'Well
the longest I'm going to have to wait is maybe a week
and a half.' They're saying that taxpayers should just
generally expect it to take anywhere between 10 to 20
days. "
Until this week, taxpayers eligible for the American
Opportunity Credit and the American Education Credit
were not able to apply for those credits because the
forms had not been released by the IRS. Adding to the
overall frustration is the expiration of the "payroll
tax holiday" in January.
Free tax help is available to Floridians who earn less
than $42,000 a year, in counties across the state. The
locations can be found on
IRS.gov.
Links and photos added by the Observer
Image: carolinaaccounting.com