On January 20, 2011, the IRS announced that it plans to start process tax returns, which were delayed as a result of the last month’s tax law changes, on February 14, 2011. It should be remembered that the taxpayers can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.
Beginning February 14, 2011, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction.
Taxpayers using commercial software can check with their providers for specific instructions. Those who use a paid tax preparer should check with their preparer, who also may be holding returns until the updates are complete.
Most other returns, including those claiming the Earned Income Tax Credit (EITC), education tax credits, child tax credit and other popular tax breaks, can be filed as normal, immediately.
If you have any questions with respect to your 2010 tax return, call Sherayzen Law Office to discuss your tax case with an experienced Minneapolis tax lawyer.