Colonial Income Tax SVC LLC

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  • 700 Delaware St

    New Castle, DE 19720

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  • 302-322-1135

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IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately
Posted on February 20, 2011 by colonialtax
IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately

IRS-2011-16, Feb. 15, 2011

WASHINGTON ?? The Internal Revenue Service announced today it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately.

On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions for state and local sales tax, higher education tuition and fees and educator expenses.

??The IRS is now accepting all the 1040 forms,? IRS Commissioner Doug Shulman said. ??We worked hard to update our systems and get the changes in place as quickly as possible. We appreciate the patience of those impacted by the delay. We urge taxpayers to use e-file with direct deposit, and they can get their refunds within days.?
In late December 2010, the IRS announced it would delay processing of some tax returns in order to update processing systems to accommodate the late tax law changes. These tax law provisions were extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which became law on Dec. 17.

For the vast majority of taxpayers, the filing season this year began on time in January. Most taxpayers claiming itemized deductions and the other delayed forms file later in the year.

The IRS urged taxpayers who haven??t filed yet to use e-file instead of paper tax forms to ensure accuracy and to get refunds fast. Taxpayers can do their taxes for free through Free File, which is brand-name software or online fillable forms. Free File is available exclusively at www.irs.gov/freefile. Anyone who makes $58,000 or less can use Free File software. There are no income limits to online fillable forms. Both Free File software and Free File Fillable Forms allow taxpayers to prepare and e-file their federal returns for free.

The IRS worked closely with the tax software industry and the tax professional community during the reprogramming process to minimize disruptions for taxpayers and ensure a smooth tax season.

As a result of these efforts, many major software providers and paid tax preparers started accepting impacted returns before the Feb. 14 start date, which they held and started submitting after the IRS systems opened.

Due to the expected increase in tax return volumes being transmitted this week, the IRS cautioned a small number of taxpayers may experience a brief delay in receiving their e-file acknowledgement, which is normally provided within 24-48 hours. The IRS continues working with the software industry to minimize any impact to taxpayers.

Business taxpayers who use the 1040 series can file now as well. However, the Feb. 14 start date does not apply to non-1040 business tax forms affected by the recent tax law changes. The IRS will announce a specific date in the near future when it can begin processing those impacted business tax forms.

About colonialtax
Colonial Income Tax Service, LLC can help you with a full range of tax services. Our services include preparing your Federal and state income tax returns, and assisting you with tax planning opportunities. We also do business returns, including corporations, partnerships, LLC??S and trusts. The fees we charge vary depending on the complexity of the tax preparation or planning services you need. We believe our fees are both reasonable and competitive for the professional services we provide.The fee range for our service begins at $100 for Form 1040 with standard deduction, and $250 for a Form 1040, with schedule A ?? itemizing your deductions, and schedule B ?? listing your interest and dividends and, state return. Additional forms will increase our time and fee charges. We offer a $20 discount for new clients and our initial meeting to discuss your needs is FREE. To begin our service we will interview you using our tax data organizer which lists a host of questions and documents we will need to prepare your return. Based on the interview we can prepare an estimate of our fee charges. You decide whether we proceed with your tax return preparation. In payment we accept cash, checks, money orders, VISA and MasterCard. Call us today, 302-322-1135, to arrange a FREE initial consultation. Colonial Income Tax Service LLC 700 Delaware Street New Castle, DE 19720 Website: www.ColonialIncomeTax.Com E-Mail: Info@ColonialIncomeTax.com Twitter: http://twitter.com/ColonialTax LinkedIn: http://www.linkedin.com/in/colonialtax

5
★★★★★

IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately
Posted on February 20, 2011 by colonialtax
IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately

IRS-2011-16, Feb. 15, 2011

WASHINGTON ?? The Internal Revenue Service announced today it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately.

On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as well as deductions for state and local sales tax, higher education tuition and fees and educator expenses.

??The IRS is now accepting all the 1040 forms,? IRS Commissioner Doug Shulman said. ??We worked hard to update our systems and get the changes in place as quickly as possible. We appreciate the patience of those impacted by the delay. We urge taxpayers to use e-file with direct deposit, and they can get their refunds within days.?
In late December 2010, the IRS announced it would delay processing of some tax returns in order to update processing systems to accommodate the late tax law changes. These tax law provisions were extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which became law on Dec. 17.

For the vast majority of taxpayers, the filing season this year began on time in January. Most taxpayers claiming itemized deductions and the other delayed forms file later in the year.

The IRS urged taxpayers who haven??t filed yet to use e-file instead of paper tax forms to ensure accuracy and to get refunds fast. Taxpayers can do their taxes for free through Free File, which is brand-name software or online fillable forms. Free File is available exclusively at www.irs.gov/freefile. Anyone who makes $58,000 or less can use Free File software. There are no income limits to online fillable forms. Both Free File software and Free File Fillable Forms allow taxpayers to prepare and e-file their federal returns for free.

The IRS worked closely with the tax software industry and the tax professional community during the reprogramming process to minimize disruptions for taxpayers and ensure a smooth tax season.

As a result of these efforts, many major software providers and paid tax preparers started accepting impacted returns before the Feb. 14 start date, which they held and started submitting after the IRS systems opened.

Due to the expected increase in tax return volumes being transmitted this week, the IRS cautioned a small number of taxpayers may experience a brief delay in receiving their e-file acknowledgement, which is normally provided within 24-48 hours. The IRS continues working with the software industry to minimize any impact to taxpayers.

Business taxpayers who use the 1040 series can file now as well. However, the Feb. 14 start date does not apply to non-1040 business tax forms affected by the recent tax law changes. The IRS will announce a specific date in the near future when it can begin processing those impacted business tax forms.

About colonialtax
Colonial Income Tax Service, LLC can help you with a full range of tax services. Our services include preparing your Federal and state income tax returns, and assisting you with tax planning opportunities. We also do business returns, including corporations, partnerships, LLC??S and trusts. The fees we charge vary depending on the complexity of the tax preparation or planning services you need. We believe our fees are both reasonable and competitive for the professional services we provide.The fee range for our service begins at $100 for Form 1040 with standard deduction, and $250 for a Form 1040, with schedule A ?? itemizing your deductions, and schedule B ?? listing your interest and dividends and, state return. Additional forms will increase our time and fee charges. We offer a $20 discount for new clients and our initial meeting to discuss your needs is FREE. To begin our service we will interview you using our tax data organizer which lists a host of questions and documents we will need to prepare your return. Based on the interview we can prepare an estimate of our fee charges. You decide whether we proceed with your tax return preparation. In payment we accept cash, checks, money orders, VISA and MasterCard. Call us today, 302-322-1135, to arrange a FREE initial consultation. Colonial Income Tax Service LLC 700 Delaware Street New Castle, DE 19720 Website: www.ColonialIncomeTax.Com E-Mail: Info@ColonialIncomeTax.com Twitter: http://twitter.com/ColonialTax LinkedIn: http://www.linkedin.com/in/colonialtax

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