The good news is Congress reached a deal on the nation's debt limit and the country did not fall off the so-called fiscal cliff. The bad news is the bill -- called the American Taxpayer Relief Act of 2012 -- passed on January 1st -- a little late for the Internal Revenue Service. The IRS has had little time to get new forms prepared and its computer system ready to process returns. Officials first pushed the date to January 30th.
"Now they just came out with a new announcement that says if you have one of 30 specific forms, then they're not going to be able to process your return until the end of February or early March," said Rick Wolfish a CPA with Gallagher, Flynn and Co.
The 30 forms affect mostly businesses and corporations, but Wolfish tried to file a simple individual tax return on January 31st and it too bounced back, so he says it is unclear when individuals will be able to file, as well. The forms he refers to include those for education tax credits, energy efficiency credits and depreciation on rental or other business property. The delay means an even tighter window for businesses, which are required to file by March 15th, a month earlier than individuals.
"For those returns, the IRS is saying end of February, early March is the earliest you can file a return due March 15th. That's only if you have one of these 30 forms, but I think most corporate returns will have at least one those forms," Wolfish said.
Wolfish said the delay can be stressful for individuals who receive refunds each year and rely on that money to cover expenses. And even when they are able to file, their refund may not be returned as quickly as usual. "You know they're going to be getting millions of returns in a 24 hour period, where previously they received those returns throughout the whole month," Wolfish said.
A lot of uncertainty remains as American tax payers and those who prepare their returns work to meet obligations set by Uncle Sam, during a shorter tax filing season.
Sunday, May 19 2013 12:06 AM EDT2013-05-19 04:06:03 GMT
Vermont State Police have charged 22-year-old Adam Page of Newport for stealing the Newport City Elementary School bus, which has now been declared totaled. A stolen dog was also recovered in the busMore >>
State Police say he is also being charged with the theft of two other vehicles and a woman's dog.More >>
Saturday, May 18 2013 11:45 PM EDT2013-05-19 03:45:20 GMT
State police are looking for the person responsible for stealing a school bus and taking it for a joyride in northern Vermont. Troopers say the 2014-model bus belonging Newport City Elementary SchoolMore >>
Police say the school bus belonging to the Newport City Elementary School was taken for a joy ride Friday night.More >>
Saturday, May 18 2013 10:10 PM EDT2013-05-19 02:10:53 GMT
A fatal accident in Lyndon Saturday. It happened around 2:30 Saturday afternoon on Route 122. Police say 76-year-old Gerda Blaszczyk of St. Johnsbury swerved to avoid an animal. Her car travelled up anMore >>
Police say the driver swerved to avoid an animal.More >>
Saturday, May 18 2013 8:03 PM EDT2013-05-19 00:03:45 GMT
Senator Bernie Sanders is touring the state this weekend with a special guest. Sanders and the Danish Ambassabdor to the United States are hosting town hall meetings in Burlington, Brattleboro and Montpelier. TheMore >>
Sanders and the Danish Ambassabdor to the United States are hosting town hall meetings.More >>
Saturday, May 18 2013 7:56 PM EDT2013-05-18 23:56:03 GMT
Saturday marked a new beginning for Castleton State College students. "Were all gathered here, getting fired up, having a good time," explained Castleton graduate, David Carrier. The 500 graduates hadMore >>
It's graduation day for the class of 20-13 at Castleton State College. And just for the occasion, the college invited back an alumnus with a strong connection to the school.More >>
Saturday, May 18 2013 7:51 PM EDT2013-05-18 23:51:14 GMT
Young bikers were learning the rules of the road in South Burlington Saturday. Kids who brought their bikes to the Dorset St. Park received free checks for their brakes, chains, and tires. Helmets alsoMore >>
and much more... making sure kids are safe before they hit the roads this summer.More >>
Saturday, May 18 2013 7:49 PM EDT2013-05-18 23:49:26 GMT
On a sun-soaked Saturday, Karen Trayah and her dogs enjoyed the sights, sounds, and of course smells of a festival for fidos. "It's called Woofstock, however, this is our 1st year doing it here at theMore >>
Making sure our furry friends have a place to call home.More >>
Friday, May 17 2013 7:54 PM EDT2013-05-17 23:54:10 GMT
The door to room 118 at the Liberty Inn and Suites is gone-- busted by police during an early morning drug raid. They say tenant Julie Herron, 41, was selling heroin out her room. She was living thereMore >>
A South Burlington drug bust exposed new abuses of the state's homeless voucher program. A couple was arrested for selling heroin out of their motel room, and police say the state was footing the bill for their stay.More >>