Education Credits and Depreciation issues

The IRS wll begin processing Tax Returns with Education Credits and Depreciation charges this week.  The forms in question are:

• Form 8863- Education Credits (February 14, 2013)
• Form 4562- Depreciation and Amortiization (February 10, 2013)

Why the delay?

The IRS will be able to accept the education credits and depreciation forms following the completion of reprogramming and testing of its systems. Work continues on preparing IRS systems to accept the remaining tax forms affected by the American Taxpayer Relief Act (ATRA) enacted by Congress on Jan. 2.

 

What follows next?

 

The remaining forms affected by the January legislation the first week may begin processing earlier in March. A specific date will be announced later. 

Education Credits:

 

Form 8863- Education Credits. Form 8863 is used to claim two higher education credits like the American Opportunity Tax Credit and the Lifetime Learning Credit.

 

Depreciation and Amortization Charges:

 

Form 4562- Depreciation and Amortization. This applies to 1040 business filers.

 

What you mean by the delay?

 

Your tax return will not be processed until the patches are made and your tax refund may be delayed. 

 

 

More information is available on the IRS website or by contacting your CPA.

 

 Source: IRS.GOV

 

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