Tax season is open

The IRS is now generally accepting e-filed returns.  However, due to IRS reprogramming of their software to encompass Fiscal Cliff Legislation in early January, certain filings are not yet being accepted.  Some of the most common forms which are delayed are:

Education credits – Form 8863 (American Opportunity Credit and Lifetime Learning Credits)

Depreciation and Amortization – Form 4562 – This may affect small business owners with schedule C depreciable assets  and some pass through investment activity.

Energy credits – Form 5695

Domestic Production Activities Deduction – Form 8903 – this affects area manufacturers

Hope you’ve kept good records and are organized this tax season.  We’re expecting lots of activity later than usual in the regular filing season.  Best of luck during this busy time!