News from the IRS (don’t worry, we’re on it)

  • January 21, 2013
  • Rhonda Seeley CPA

News from the IRS regarding several sets of forms and returns for 2012 filing…don’t worry, it’s alot to absorb and your professionals at ShindelRock are staying on top of it!

  We’ll continue to keep you abreast of IRS communications as they become available.

1120, 1120S, 1065 & 990 Returns:

The IRS continues to review the details and impact of the new tax law, but a number of these provisions will require changing forms and updating processing systems involving non-1040 business returns.  As a result, the IRS will not accept these tax returns for processing at this time.

The IRS is not providing any estimate for the time frame of this delay.  They simply state that they will share additional information as soon as it becomes available.

1041 Returns:       

IRS processing begins 01/28/13.

1040 Returns:     

IRS (and MI) processing begins 01/30/13  (except for returns that include any of the delayed forms in the list below)

Thomson Reuters claims that we will receive an UltraTax/1040 update from them on 1/24/13 that will allow the e-file to be created for returns without delayed forms.  We will then be able to transmit those returns to Thomson Reuters, who will hold and then transmit the returns to IRS beginning on 1/30/13. 

List of IRS forms that 1040 filers can begin filing in late February or into March 2013

The following tax forms will be accepted by the IRS in late February or into March after updating forms and completing programming and testing of its processing systems.  A specific date will be announced in the near future.

·         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

We will let you know as we know more.