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Tax preparers all alike are breathing a twofold sigh of relief. For starters, the race to file on October 15th is finally behind us and the Senate has come up with a deal to end the government shutdown. As the 2012 tax year comes to a close, Certified Public Accountants will anxiously wait on IRS updates once employees resume work. Let's start with a quick look at the end of the 2012 tax year. With October 15 as the last day to file extended tax documents behind us, those stragglers who have yet to do so will want to hurry. Online Tax Prep software and the E-file system will eventually shut down to prepare for the upcoming 2013 tax year. If you have already started your taxes on a Web-based program, finish quickly. Call the company to find out exactly when the software will completely shut down in order to finish up. Once e-file systems shut down, tax returns will have to be mailed into the IRS using a mailing address provided by the IRS. You will want to obtain proof of delivery when you do mail it. Use certified mail and request a return receipt as documentation that it was delivered. It is always best to photocopy your documents before you mail it just in case it gets lost. If you still owe money, expect penalties. As of now, the penalties for paying late are: *5% of the owed balance for every month or part of month in which the return is filed after the deadline. *0.5% of the owed balance for every month or part of month that the balance is left unpaid. *3% annual interest charge on the part of the balance left unpaid. Certified Public Accountants are eager to See all IRS offices reopen Now that the IRS employees will be heading back to work, you will be able to request any missing tax documents. Check with your local IRS office of your Certified Public Accountant's office for any forms which may have to be filled out in order to request official documents. It may take a bit for the IRS employees to get back into their regular schedules, so don't be surprised if you encounter delays on their part. As far as the Senate coming up with a deal that would fund government spending until January 15th, its about time. The debt ceiling will be raised through February 7th. Talk about waiting until the 11th hour to prevent the U.S. from financial ruin! Once the House and Congress pass the bill, the government will focus on sending employees back to work. This bill carries with it the intense need to work at the nation's debt and the healthcare plan. As far as Obama's healthcare, there will be more scrutiny over income verification for those who apply for health insurance under Obamacare. The Senate leaders are expected to come out with a more detailed plan by mid-December. Tax preparers will continue to advise their clients as needed as more information comes about. Starting in 2013, Certified Public Accountants and tax services will be answering many questions from clients about reporting health insurance to the IRS and handling concerns about penalties for those who remain without coverage. CDRCPA Inc. Certified Public Accountants is conveniently located in Murrieta, California, but our entire staff of accountants, CPA's and personal or business tax service professionals frequently visit our client's at their location. So, if you can't come to us, we'll certainly come to you.
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