Dulce Santander

Dulce Santander

Thursday, January 3, 2013

Tax refunds remain up in the air.


The nation didn't go over the fiscal cliff, but tax refunds remain up in the air.



Congress' late action on the fiscal cliff tax provisions has caused headaches for the Internal Revenue Service, which now has to program its systems and issue tax forms based on the revised laws. It has not announced when taxpayers can start filing their 2012 returns, which means refunds will most likely be delayed. Filing usually begins in mid-January.
"The IRS is currently reviewing the details of this week's tax legislation and assessing what impact it will have on this year's filing season," said the agency, adding it will issue additional guidance "soon."
It's not the first time the IRS has had to deal with this. Two years ago, it took until mid-December for President Obama and lawmakers to reach an agreement on many of the same issues. That delayed the opening of the tax season to mid-February, affecting some 9 million taxpayers that year.

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