While the many revived breaks under the American Taxpayer Relief Act of 2012 (ATRA) are good news for taxpayers, they would have been better news had they been signed into law earlier.
Because many breaks were retroactively extended back to Jan. 1, 2012, numerous IRS forms have to be updated accordingly. But the IRS couldn’t get started until after the changes were signed into law Jan. 2, 2013. And this means many taxpayers will have to wait to file their 2012 returns.
Both individual and business taxpayers are affected. Forms that need to be updated include those for:
- Qualified adoption expenses
- The general business credit
- The Work Opportunity credit
- The research credit
- Empowerment Zone and Renewal Community credits
- New Markets credits
- Various energy-related tax breaks for individuals and businesses
Some of these forms might not be updated until March. Please contact us if you have questions about when you can file your 2012 tax return.
Source: PDI Global
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.