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Tax preparers facing an IRS-induced time crunch, delayed refunds

Area tax preparers say they are facing an uphill battle this tax season, after new federal guidelines put in place this year are giving them fewer days to assemble and file your taxes.

Betty Richardson says she’s been in business for the last four decades, and for the first time, cannot file her clients taxes until the end of this month.

She says there are even more new rules on the books — with no deadline extension.

[Audio clip: view full post to listen]

Richardson says the rules mean her business is running with no income in the first month of the year, and many others in her industry will soon be inundated.

[Audio clip: view full post to listen]

The delay in filing comes as Congress voted last-minute on the so-called Fiscal Cliff. That  late vote meant the IRS would have to spend the next month preparing its computers to accept new returns with updated figures.

As a result, Richardson says this is leaving many of her clients in a financial bind. She says many who file in early January do so expecting a refund from the federal government — and plan to spend that on needed expenses.

[Audio clip: view full post to listen]

Filing for 2012 returns open up on or after January 30th, while more in-depth returns like those including depreciation or adoption credits cannot be filed until mid-February at the earliest.

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