RIVERWOODS, Ill. -- The impact of the recent federal government shutdown is being felt by the Internal Revenue Service (IRS) which announced that the beginning of the 2014 tax filing season will be delayed by up to two weeks.
At this point, the IRS says it will not accept or process individual tax returns before January 28 of next year – tax season was scheduled to start on the 21st and an official start date will not be announced until December. CCH, a part of Wolters Kluwer and a global provider of tax, accounting and audit information, software and services (CCHGroup.com), is offering insight, analysis and guidance regarding the IRS's latest announcement.
"Because it's still unclear when taxpayers can begin filing returns, many questions remain over how significantly the government closure is impacting the IRS," said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. "In announcing that a two-week delay is possible, it also leaves open the door that the season may start sooner or close to on-time if all the IRS systems tests check out. Those who look forward to getting their returns done early need to closely monitor developments over the next several weeks so they don't get caught off guard on tax preparations."
Tax Planning Guidance
Year-end tax planning is always complicated by the number of changes that have occurred throughout the year and 2013 is no exception. The new CCH Tax Briefing: 2013 Year-End Tax Planning explores some of the 2013 year-end planning opportunities available to taxpayers, especially as the result of provisions that are new-for-2013 and those that, at the moment, are scheduled to expire after this year.