Some Taxpayers Must Wait to File Returns
(Wall Street Journal) — Since most taxpayers get income-tax refunds each year, it’s tempting to file as early as possible. But this year, some would-be early birds will have to wait until mid- to late February. The problem: congressional procrastination. Lawmakers waited until last month to make last-minute tax-law changes. The Internal Revenue Service said recently those changes will require the agency to “reprogram its processing systems” for a few provisions that were extended in the law enacted in mid-December. Who will be affected? First, the IRS said the delays will affect those who “itemize” their deductions on Schedule A. Itemized deductions include such things as charitable donations, mortgage interest, medical expenses and state and local taxes.