Fiscal Cliff causes delays on tax returns - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Fiscal Cliff causes delays on tax returns

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HORRY COUNTY, SC (WMBF) Tax experts say the delay in reaching a fiscal cliff deal in the U.S. Congress means a delay for millions of people when it comes to tax returns.

Some, like Sean Kobos, owner of the Crafty Rooster Bar in downtown Conway, say the delay comes at a time when his business is still trying to figure out exactly how fiscal cliff negotiations will impact his business. 

"We know our employees are going to get less on their paychecks," Kobos said.

Tax expert Samantha Slapnik says although Congress avoided the fiscal cliff, their negotiations led to more money coming out of the average worker's pocket, 

"Congress took their time [negotiating, and] did finally come to an agreement, but it put everyone else behind," Slapnik explained.  "The IRS has forms that are not complete;behind the scenes they're not ready."

Slapnik says the date workers can start filing taxes and the date they'll  likely receive a return has been pushed back.

"Refunds have been delayed to [at most] 21 days," Slapnik said.  "it means [filers] have to file later and it's going to take longer to get refunds; it could be mid to late February before anyone sees refunds."

Slapnik says some business owners, especially small business owners, could have to wait even longer, until the end of February or even March to file taxes.

Kobos says it's a hassle business owners say they don't need, as his business tries to figure out the full impact of the new rules put in place as a result of fiscal cliff negotiations.

"I think sometimes lawmakers don't understand, we're trying to run a business," Kobos stressed. "We spend countless hours during the week to fill out forms, and now they're delaying us even more, [it] just kind of puts us behind schedule"

The IRS released a list of more than 2 dozen tax forms that won't be ready until late February or early March for filing, and if you have to use any one of those forms you'll have to wait to file your taxes.  That list can be viewed in it's entirety below.

Following the approval of a tax package passed by Congress on January 1, about 20 percent of tax filers can expect filing delays.

The Internal Revenue Service (IRS) said 120 million taxpayers, about 80 percent of filers, will be able to file on January 30, others will have to wait until late February or March.

Filers such as those claiming residential energy credits, depreciation of property or general business cards are among those who may be delayed in filing returns.

The following is a list released by the IRS showing what tax forms will be accepted in late February or early March.

  • Form 3800 General Business Credit
  • Form 4136 Credit for Federal Tax Paid on Fuels
  • Form 4562 Depreciation and Amortization (Including Information on Listed Property)
  • Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands
  • Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Form 5695 Residential Energy Credits
  • Form 5735 American Samoa Economic Development Credit 
  • Form 5884 Work Opportunity Credit
  • Form 6478 Credit for Alcohol Used as Fuel
  • Form 6765 Credit for Increasing Research Activities
  • Form 8396 Mortgage Interest Credit
  • Form 8582 Passive Activity Loss Limitations
  • Form 8820 Orphan Drug Credit
  • Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit
  • Form 8839 Qualified Adoption Expenses
  • Form 8844 Empowerment Zone and Renewal Community Employment Credit
  • Form 8845 Indian Employment Credit
  • Form 8859 District of Columbia First-Time Homebuyer Credit
  • Form 8864 Biodiesel and Renewable Diesel Fuels Credit
  • Form 8874 New Markets Credits
  • Form 8900 Qualified Railroad Track Maintenance Credit
  • Form 8903 Domestic Production Activities Deduction
  • Form 8908 Energy Efficient Home Credit
  • Form 8909 Energy Efficient Appliance Credit
  • Form 8910 Alternative Motor Vehicle Credit
  • Form 8911 Alternative Fuel Vehicle Refueling Property Credit
  • Form 8912 Credit to Holders of Tax Credit Bonds
  • Form 8923 Mine Rescue Team Training Credit
  • Form 8932 Credit for Employer Differential Wage Payments
  • Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

(Source: Internal Revenue Service)

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