Sunday, January 07, 2007

Hey IRS, What’s New?

So the tax season has started and it may appear that the IRS was caught a bit off guard this year. With all the recent tax law enactments that were passed, the IRS has not had time to update the form 1040 and additional schedules. Individuals claiming deductions on Schedule A will need to lookout for a special mailing of Publication 600 outlining how to claim the sales tax deduction.

For more information visit this IRS link

New Form 1040EZ-T

For those who don’t need to file a regular tax return, the IRS has developed this short form so that taxpayers can request a telephone refund. Taxpayers can use the standard amount on the form or attach Form 8913 for actual expenses.

And now the bad news….

Because of all the “changes” this year, the IRS expects return processing to be slower than usual, thus delaying your precious tax refund. The IRS recommends that you E-file your tax return for faster processing. For the best estimate of when you will receive your refund, the IRS has provided Publication 2043.

Happy Tax Season to ALL!!!

Brian N. Stovall

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