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Not So Fast: Some Tax Returns Won’t Be Accepted Until February

Chomping at the bit to file your 2010 tax return with the IRS? You may just have to cool your jets until February 2011. Though tax season starts on schedule for most filers, Congress’s late December approval of certain tax extensions calls for revisions to affected forms. Until those adjustments are made, the IRS won’t accept your filing (paper or electronic) until mid to late February if your return includes any of the following forms or deductions:
  • Schedule A, Itemized Deductions
  • Form 8917, Higher Education Tuition and Fees Deduction
  • Educator Expense Deduction, Form 1040, Line 23 / Form 1040A, Line 16

In addition to those exceptions, the IRS won’t accept e-filings until mid to late February for the following forms:

  • Form 3800, General Business Credit
  • Form 4684, Casualties and Thefts
  • Form 5405, First-Time Homebuyer Credit and Repayment of the Credit
  • Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
  • Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
  • Form 8859, District of Columbia First-Time Homebuyer Credit
  • Form 8910, Alternative Motor Vehicle Credit
  • Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit

Many common business forms not yet finalized

The tax legislation has also made it necessary to update many commonly filed business forms, so take care to not to jump the gun and file until the IRS has released them (and their related schedules) as final. Forms still marked as preliminary include:
  • Form 1120, U.S. Corporation Income Tax Return
  • Form 1120-S, U.S. Income Tax Return for an S Corporation
  • Form 1065, U.S. Return of Partnership Income
These are expected to be ready for filing by mid January.

Some deadlines extended—but just for a few days

Tax returns and extensions that were originally due on January 15 have been extended to January 18 to allow for the Martin Luther King, Jr. holiday. And the fateful annual filing deadline of April 15 has been extended to April 18 this year so that revelers in Washington DC can celebrate Emancipation Day, a holiday observed in the District of Columbia (which happens to fall on April 15 in 2011).

How we can help

If you’re unsure whether these exceptions and extensions apply to you, talk to your CPA.

View our tax principals.

Published: 1/13/2011

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