Tax Refunds could be Delayed
By Felicia Taylor (CNN)-Congress saved
the nation from going over the fiscal cliff earlier this week but the
fate of Americans' tax returns hangs in limbo.
The problem is that the IRS can't put out 2012 tax forms until the agency knows what the tax policy is. But Congress didn't get a deal done until January 1st.
So the IRS has some scrambling to do.
The agency must reprogram its systems and issue tax forms based on the revised laws.
That could delay the start of the tax filing season. It
typically starts in mid-January, but that's only a few weeks away, and
so far, the agency hasn't announced when it will start accepting tax
and the later the tax return, the later the tax refund.
This isn't the first time tax season has gotten off to a late start.
years ago, Congress was in a similar bind and tax season didn't
start until mid-February because lawmakers didn't get a deal done until
That's not a good sign, considering that this time around, Congress didn't make a deal until the New Year. We're
waiting for official word from the IRS, but so far, it looks like
millions of taxpayers will be waiting for their refunds.