Posts Tagged ‘tax season’
IRS Postpones 2012 Tax Filings
February 13, 2013 | 
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As the Fiscal Cliff debate ends and new laws are passed, the IRS warns taxpayers of the inevitable delays in the 2012 tax season. The IRS stated on its website in early January 2013 that it will not accept any individual returns until January 30, 2013 and have released a statement on January 29, 2013 that they remain on track to open tax season on January 30. To make matters more difficult, the IRS has not extended the tax season past April 15, 2013 despite its imposed late tax season start.
Individuals and businesses will have additional delays if they have any of the following deductions on their return:
- Depreciation
- Residential Energy Credit
- General Business Credits
- Fuel Credits
- Work Opportunity Credits
- Energy Efficient Credits
- Alternative Motor Vehicle Credit
- Plug-in Electric Drive Motor Vehicle Credit
- Passive Activity Loss Limitations
- Adoption Expenses
- Education credits will be available to file in mid-February
Businesses and individuals with specific forms (noted above) will not be able to file until late February or March because the agency needs time to update and test its systems which has included extensive form and processing changes. There has been no news or update on an exact date that they will begin accepting these returns.
IRS WARNS OF TAX REFUND DELAYS
In an article written on January 26, 2013, the IRS warned that tax refunds could be delayed an extra week. The additional week delay is blamed on “fine-tuning” IRS systems to adjust for new fraud safeguards that they have put into place and should only affect early filers. The usual 10 to 21 business days to receive your refund is expected as in prior years once the fine-tuning is completed. The IRS has developed a new tacking system that allows filers to see exactly what stage of the review process their return is in which will be available 24 hours after a tax return is electronically submitted and 4 week after the submission of a paper return.
Contact Fredrick James Today to schedule a Tax Forecast that can help you prepare yourself for what lies ahead.
Visit us at FredrickJames.com. We serve clients throughout the world through our virtual office. Read more about our virtual office. If you have any questions or need assistance with your accounting, payroll or taxes please Contact us Today!
Posted in Business Tax, Feature, Personal Tax | 
Tags: New Tax Issues, tax, tax return, tax season | 
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Refund Delays?
Why is it taking so long to get my Tax Refund???
Your IRS refunds are going to be delayed by an extra week this year. The culprits are the fraudulent tax returns and the modernized E-File system initiated by the IRS in 2009
Fraudulent Tax Return filing has been on the rise for the last couple of years. There has been such an increase that the IRS had to implement a series of robust fraud filters to detect these refund returns. The only problem is that the filters may have upheld a portion of the legitimately filled refund returns as well. Fraudulent filed tax returns and Tax Scams have become so pervasive that on February 16, the IRS posted a news article “IRS releases the Dirty Dozen Tax Scams for 2012″.
On the top of the list was Identity Theft. The IRS believes that over $1.4 Billion fell into the wrong hands in 2011. Identity theft is very complex and difficult to track down. For this reason, the IRS Identity Protection Specialized Unit has been setup.
In 2009 the IRS started to implement Modernized e-File (MeF) in three phases. MeF is an Internet-based real time transaction based system that allows for faster turnaround times of tax returns. MeF will replace current legacy e-file system that transmitted tax returns in several batches per day, rather in real time. At the start of 2012 will conclude the last phase of MeF rollover. Unfortunately, the IRS has experienced a few glitches in the new software and some sporadic system failures to the e-filling system.
As a result of the combination of fraudulently submitted tax returns and the rollover to the Modernized e-File system your Tax Refund could be delayed for 2012. Currently the IRS projects a refund to be deposited in your bank account within 10-21 days.
Visit us at FredrickJames.com. We serve clients throughout the world through our virtual office. Read more about our virtual office. If you have any questions or need assistance with your accounting, payroll or taxes please Contact us Today!
Posted in New Tax Issues, New Tax Issues | Tags: cash flow problems, New Tax Issues, tax refund, tax return, tax season | No Comments »
Keeping Your Customers Satisfied
Calculator Thank You Cake
It is truly amazing to come to the end of the 2011 tax season and be greeted by satisfied customers with kind gestures and appreciative phone calls.
The photo to the left is a display of one of those kind gestures of gratitude from a satisfied client that wanted to show Fredrick James just how much they appreciated our services.
Believe it or not, the calculator on the left is a unique cake which was crafted, baked and personally delivered to Fredrick James by a thankful client who Fredrick James had helped to navigate through the turbulent waters of this past tax season.
Here are the top 5 insights as to how Fredrick James has kept their customers satisfied in 2011.
- Always treat your clients as if they are your most important asset, because they are.
- Be at the top of your game and stay there by staying current with the latest technology and business insights.
- Always operate with integrity and the same level of service that you would expect to receive.
- Go the distance when helping your customers reach their desired goals by making yourself readily available to answer questions and offer support when needed.
- Be relational and realize that your clients need to know you care for them as people rather than just customers that need be handled. Believe me, they will know the difference.
If you neglect to practice great customer service, you are neglecting to increase your client base and overall revenue. Putting these proven practices into place are sure to bring the increase you desire, and who knows, maybe the measure of customer service success means being able to have your cake and eat it too!
Tax Day – Gone Today But Not Forever
So today is Tax Day and as the final return is filed, the last client steps out the door and we all sit back to congratulate ourselves on a job well done, it is also the day we launch our new Blog!
Because we are a progressive accounting firm that believes in utilizing the latest tools and technology to help us educate our clients and improve their lives, it was a natural fit to settle in here.
Now that the stress of Tax Day is behind you, join us this next year as we bring you information, updates and news on the latest tax laws, tips for saving money, investing wisely and more.
We want to help ensure that next Tax Season is something you won’t need to anticipate with trepidation!
Posted in Business Know How, New Tax Issues, Personal Tax | Tags: accounting, bookkeeping, Fredrick James, New Tax Issues, tax, tax law, tax return, tax season | 1 Comment »