IRS TAX CHANGES FOR 2011 FILINGS

For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems.

For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems.

Some taxpayers – including those who itemize deductions on Form 1040 Schedule A – will need to wait to file. This includes taxpayers impacted by any of three tax provisions that expired at the end of 2009 and were renewed by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Of 2010 enacted Dec. 17.

Those who need to wait to file include:

• Taxpayers Claiming Itemized Deductions on Schedule A.
• Taxpayers Claiming the Higher Education Tuition and Fees Deduction.
• Taxpayers Claiming the Educator Expense Deduction.

Read more in this IRS Report.

Confused about changes in the new tax laws?

McGovern & Greene tax specialists know that in a constantly changing tax legislation landscape, a firm needs to be proactive when advising their clients. We dedicate ourselves to advising our clients on tax matters based on up-to-date information about the current tax legislation, focusing on how best they can minimize their tax burden.

At McGovern & Greene our priority is our relationships with our clients. Throughout the year, we are in constant contact with our clients, not just the few weeks prior to returns being due. This enables us to address the concerns of our client and plan with them to ensure that they do not incur any additional tax liability.

Not only can we prepare your current year tax returns, we can also assist you in revising or filing prior year returns. This includes informing you of the tax implications of such filings. We work with all types of entities, specializing in the following:

• Individuals

• Corporations

• Partnerships

• LLCs & LLPs

• Trusts

• Estates

 

McGovern & Greene LLP can also assist you with
specialty tax issues, such as:

• Gift giving

• Tax penalty & interest disputes with the Internal Revenue Service

• Divorce & support issues

• Tax implication in Litigation