IRS: Tax Season Will Only Be 'Shortly' Delayed

The Internal Revenue Service says late changes to federal tax laws should mean only a short delay for most taxpayers to file their 2012 returns, according a Huffington Post report.

"The agency said Tuesday that more than 120 million taxpayers—about 80 percent of all filers—should be able to start filing their federal returns on Jan. 30," the article says. "Others will have to wait until late February or March to file because the agency needs time to update and test its systems." 

That filing season had been slated to start Jan. 22 but was delayed because of the big tax package passed by Congress Jan. 1.

Reuters reports that about 18 million taxpayers usually file tax returns in January, and 98 percent of those receive a refund. These taxpayers often include low-income individuals who file returns early to get refundable tax credits.

The article says:

"With refunds now coming several weeks later, those who can afford it the least are impacted the most," said Kathy Pickering, executive director of the Tax Institute at H&R Block.

The IRS delayed the filing season in 2011 for those who were itemizing deductions, affecting roughly 9 million individuals, according to Reuters. That delay was also due to late action by Congress.

For additional information, reference the IRS website.