Monday, November 24, 2014

News
Fiscal Cliff deal creating problems for tax preparers
By HILARY LANE


UTICA, N.Y. (WKTV) - The fiscal cliff deal is done, but it's now creating problems for tax preparers in the form of delays.

Certified Public Accountant Chris Lambe from D'Arcangelo and Company said that problems arise because an agreement was reached last minute, on December 31, in Washington.

Now, the Internal Revenue Service confirmed that it won't be able to start processing any tax returns until January 30, about two weeks later then it usually begins to handle returns.

"Where I am seeing a lot of impact is middle class clients with small businesses," said Lambe. "We are unable to do any planning for those the way we normally would because we had no idea what 2013 would bring. We didn't no tax code or law in place at times."

Also, the IRS is behind in different software program updates needed to process returns. That means many will receive their tax funds much later than in previous years.

The IRS has not yet indicated anything about extending the filing for income tax returns.

This year's deadline is April 15.