The last minute tax changes might have meant some good news for you. But they also mean a major headache for the IRS computer programmers.
The 2010 tax software currently set to go online next week is no longer accurate. The IRS is working overtime trying to get the computers reprogrammed, but it’s going to take some time.
The IRS has just sent out a warning to tax preparers to NOT file before mid-late February for any of our clients who have:
- Itemized deductions
- Teacher expenses
- Higher education tuition and fees
- Businesses with asset purchases
If you do file, your software or paper form (assuming you got a new one somehow) will not match the old law and your return will likely get kicked out.
We hope that the IRS does meet the February deadline to get the computers programmed. But, to be honest, I’ve worked with enough computer programming deadlines to know it doesn’t always go as planned.
This is one time you might not want to be early.