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2010 Filing Season Delayed

Posted on January 26, 2011 by Leasa Magnuson in Individual Tax

If you are planning on filing your tax return sooner rather than later this tax season you had better check with your tax preparer. Due to the late Congressional action to enact tax law changes several forms have not been released from the IRS yet and are causing some taxpayers to not be able to file until at least February 14th! The affected tax forms are:

1. Itemized deductions on Schedule A. The election to choose between deducting state & local general sales & use tax instead of state & local income taxes is holding this form up.

2. Tuition and fees paid to post-secondary institutions claimed on Form 8917. This is an above-the line deduction for higher education tuition and fees and education credit like the American Opportunity Tax Credit or the Lifetime Learning Credit.

3. The above-the-line deduction on Form 1040 for kindergarten through grade 12 educators with out of pocket classroom expenses.

A kinder, gentler IRS would have extended the deadline for filing tax returns since they don’t have the forms available to the public but I haven’t heard anything about what the public or more importantly I am supposed to do about the reduced amount of time to file!

2010 Filing Season Delayed

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Leasa Magnuson was there when we needed her.

An unexpected audit on our returns was triggered by an unfortunate investment loss. All of the horror stories we had heard about came to the top of our minds and the adrenaline started pumping. We had never been through an IRS audit and didn’t know what to expect. We gathered all of the information requested. Leasa reviewed what we had, suggested a few more items and then we dropped off the requested supporting documents to the IRS several days prior to the audit. Promptly at 9:00 a.m. on audit day Leasa was there to support me and answer the grueling questions I was sure would come from the investigator.

Before we had a chance to take the hot seats in the investigator’s office, we were told that they had reviewed our documentation and we were given a "no change" verdict – which means everything checked out. We were free to leave.

I am confident Leasa’s council, review, and organization of our documentation and giving the IRS advanced time to review the information led to the positive outcome.

We are very lucky to have her on our team and will continue to use Leasa in the future.

Anita & Mike Kelly

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