You probably heard by now that the IRS won’t begin processing several types of tax returns, including tax returns with itemized deductions, until mid- to late February. Why? It needs time to reprogram its processing systems to accommodate the tax law changes that the lame duck session of Congress passed late last month.
Although it might sound like a reprieve, it really isn’t. Tax preparers still need the same amount of time to prepare your itemized tax return.
Because of these last-minute tax law changes, your preparer might actually need extra time to prepare your return. The process of actually filing the return is the least time-consuming part of the preparation process.
The timely collection and submission of tax information to your tax accountant will ensure continued swift and accurate processing of your return for 2010.