Where’s My Refund?

Rapid Refunds – Don’t Hold Your Breath for 2010! 

Uncle Sam is Going to take his Time – Even if you File Early

Many Taxpayers may be wondering this filing season: “Where is My Refund?  Due to the delayed start times to even begin to file tax returns for the 2010 tax year due to the “11th hour” December 17th, 2010 Tax Act, many taxpayers will need to wait until February 15th, 2011 to even begin to file their taxes.

Why?  Because the December 17th tax Act caused the IRS to have to redo and completely revise several tax forms from scratch and republish them.  Also, the IRS needs to reprogram their computers on a system-wide basis for the new tax rules put out on December 17th. 

Among those who will need to wait:

1) Taxpayers who Itemize their deductions on Schedule A

2) Taxpayers who claim a deduction or credit for tuition expenses in 2010

3) Teachers claiming education expense deductions

These delays will affect taxpayers whether they file electronically or via paper returns.

For more information and help to to speed up your refund once tax returns are able to be filed electronically, please contact our office at: 305-672-4272 or via e-mail at info@cpa-fl.com 

See the Whole Article from the Miami Herald: http://www.miamiherald.com/2010/12/28/1990773/filing-early-might-not-guarantee.html

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