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Sunday
Jan022011

IRS Tells Itemizers Don't Rush to File

Image Courtesy - Getty Images(WASHINGTON) -- If you set aside the New Year's weekend for tax preparation in hopes of getting a return early, you might want to slow down.  The Internal Revenue Service has issued a statement saying that because Congress took so long with a controversial piece of tax legislation, the agency is not ready for itemized filings yet.  Fifty-million taxpayers are likely to be affected.

In the statement, IRS Commissioner Doug Shulman promised agency workers would be hard at it through the holidays, reprogramming computers to accommodate the cleaned-up tax code.  The legislation covering deductions like teacher expenses up to $250, education costs, and state and local sales tax, was signed Dec. 17.  The measure locked in income tax rates for high-income taxpayers.

It is expected to be mid-February before it makes sense to file an itemized return.  The IRS will issue another statement letting taxpayers know when it is ready for their paperwork -- either in hard copy or e-filings -- to come in.

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