Tax filing delays with new tax law
NEW HARTFORD, N.Y. (WKTV) - Taxes are due in just a few weeks and accountants say this year, there were a lot of delays with filing because of changes with the tax law. This year the tax code didn't change until January 1st and accountants say it seems the IRS computers weren't ready for it.
"It kind of phased in, wasn't until late January they started accepting any returns and then there were problems with education credits and a lot of other issues that they had that they hadn't yet programmed yet," said Bill Killory, an accountant at Dermody, Burke & Brown.
Killory says it wasn't until the first week of March that the IRS was accepting all tax returns. The delay caused by computers having to reprogram to a changed tax code, just before tax season.
"Some of them were kind of surprising, for the most part most of them were very beneficial," said Killory. "There's some credits that they allowed, child tax credits, education credits, research and develpment credits a lot of those things renewed year after year."
His best advice for people who haven't yet filed their tax returns is to get organized, make sure they have as much of their information as possible, and get the information into their tax preparer even if they don't have everything.
"There's nothing worse than waiting until April 12th, 13th, or 14th," said Killory. "Tax preparers are very tired, they're more likely to make errors, so it's better to get it in early rather than waiting."
Killory says getting your tax refunds back shouldn't be delayed. With the E-filing system now, the process is very quick, he says most people should see their return within a week or two. You can check on your refund at http://www.irs.gov/Refunds/Where%27s-My-Refund-It%27s-Quick,-Easy,-and-Secure.