CPA Answers Tax-Season Questions Amid Fiscal Cliff Worries
By: Tyler Thomason
Updated: January 9, 2013
"Some worry that with the latest "Fiscal Cliff" legislation that it will affect W-2s and tax refunds.
Local CPA Travis Riggs passes along some good news for tax payers:
"The nice thing about this "Fiscal Cliff" issue is that it really didn't affect too much of 2012," Riggs says.
He says while there shouldn't be any delays when it comes to W-2s -- there might be a holdup when it comes to refunds.
"You know any time you have a last-minute change in tax laws, the IRS has to go back and update their system."
"That could potentially delay a few refunds, for example this year, the IRS is not even accepting electronic-filed tax returns until January the 30th," Riggs says.
Which is a week later than this time last year.
And for those who file from home -- just be sure to cross your Ts and dot your Is.
Riggs adds: "I would just say, don't assume everything's the same, you know, you're hearing out there that they've extended several of the tax things, and they have, but don't just assume that everything's the same, you're still going to have to make sure things that might apply to you uniquely."
Local CPA Travis Riggs passes along some good news for tax payers:
"The nice thing about this "Fiscal Cliff" issue is that it really didn't affect too much of 2012," Riggs says.
He says while there shouldn't be any delays when it comes to W-2s -- there might be a holdup when it comes to refunds.
"You know any time you have a last-minute change in tax laws, the IRS has to go back and update their system."
"That could potentially delay a few refunds, for example this year, the IRS is not even accepting electronic-filed tax returns until January the 30th," Riggs says.
Which is a week later than this time last year.
And for those who file from home -- just be sure to cross your Ts and dot your Is.
Riggs adds: "I would just say, don't assume everything's the same, you know, you're hearing out there that they've extended several of the tax things, and they have, but don't just assume that everything's the same, you're still going to have to make sure things that might apply to you uniquely."
