IRS Will Begin Processing Tax Returns At End Of Month

The Internal Revenue Service will begin processing almost all tax returns at the end of the month. There was concern over a possible delay because of the new fiscal cliff legislation that Congress passed on New Year's Day and possible new tax provisions. Now the agency says it will begin processing the vast majority of tax returns on January 30, just over a week later than planned.

Certain taxpayers, including those claiming residential energy credits, depreciation of property or general business credits will have to wait until late February or March to file.

It's not the first time the IRS has had to deal with late action by Congress. Two years ago, it took until mid-December for President Obama and lawmakers to reach an agreement on many of the same issues. That delayed the opening of the tax season until mid-February, affecting some 9 million taxpayers that year.

(source: CNN)