The following Schedules and Forms will delay electronic filing of tax returns for 2010 until mid to late February –
Schedule A, Itemized Deductions
Form 3800, General Business Credit
Form 4684, Casualties and Thefts
Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (Page 2)
Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
Form 8859, District of Columbia First-Time Homebuyer Credit
Form 8910, Alternative Motor Vehicle Credit
Form 8917, Tuition and Fees Deduction
Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
The inevitable questions will follow:
Q. What if I file a paper return instead?
A. All registered professional tax return preparers must use electronic filing on
tax returns for 2010, unless the return itself does not qualify.
Q. What if I leave out the offending form and file without it?
A. Leaving it out creates
(a) an erroneous return which may create penalties for the taxpayer and/or
the return preparer;
(b) may create a tax liability without the forms that can give deductions or credits
to offset taxes on the income;
(c) possible need for an amended tax return (with the added fee of preparing one!)
Q. What if I expect to owe taxes and want to start saving up to pay them?
A. There’s no reason to delay getting your tax return ready. After preparing the taxes, you’ll
know what amount to save for payment. The return can be e-filed as soon as the IRS
gives the OK.
Just because the government is delayed there’s no reason for you to delay getting your taxes ready to send in.