[taxabletalk] Russ: Tax Season May Start In Mid-February This Year

[Email subscription to blog articles]

Posted by Russ:
Tax Season May Start In Mid-February This Year
http://www.taxabletalk.com/posts/1231792597.shtml


   If you want to make an accountant unhappy all you need to do is tell
   him that tax season will be compressed. Funneling more work into fewer
   days does not brighten an accountant's day. The IRS today officially
   recognized what Congress enacted last year.
   The IRS announced in [1]Notice 2009-11 that investment companies and
   brokerage firms will be considered in compliance with the law if they
   furnish their 1099s by Tuesday, February 17, 2009. That's a postmark
   deadline so it's likely that many individuals won't receive their
   statements until the following week.
   Congress made the change in the law last year when they passed the
   Energy Improvement and Extension Act of 2008. This law extended the
   deadline for mailing out 1099-B's and "consolidated reporting
   statements" from January 31st to February 15th. The 15th is a Sunday,
   the 16th is President's Day, so the deadline this year is on the 17th.
   I'm a little too harsh here, perhaps. In previous years the brokerage
   firms were scrambling to send out their tax forms, and it showed in
   the number of corrected forms they later sent that either required an
   amended tax return or making sure that the right set of forms were
   used to prepare the return.
   In any case, if you don't receive your brokerage firm's 1099s in early
   February just remember that the deadline is now fifteen days later.

References

   1. http://www.irs.gov/pub/irs-drop/n-09-11.pdf