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Some electronic filers could see tax processing delay Tuesday, Jan 8, 2008 Arkansas News Bureau LITTLE ROCK - Some Arkansans who file their tax returns electronically could have both their federal and state forms rejected until an update to the federal electronic filing system is complete, state fiscal officers advised Monday. The pending update affects five forms, and only when they are filed electronically. Officials at the state Department of Finance and Administration say fewer than 1,000 Arkansans should be affected by the delay. The IRS estimates that the update to its processing systems, prompted by the recent enactment of the Alternative Minimum Tax "Patch" by Congress, could be complete by Feb. 11. "A lot of people in Arkansas just don't file that early," DF&A representative Clarence Collins said. Those who try to file before the update is complete will have their returns rejected and will have to resubmit them after the system is updated, Collins said. The IRS has asked tax preparers to refrain from submitting returns until after Feb. 11, Collins said. State returns filed electronically that include at least one of the five forms would be affected because Arkansas participates with the IRS in the Fed-State Combined Electronic Filing program, state fiscal officers said. Returns filed electronically are first processed through the federal system. The affected forms are: Form 8863, Education Credits; Form 5695, Residential Energy Credits; Form 1040 A's Schedule 2, Child and Dependent Care Expenses for Form 1040 A filers; Form 8396, Mortgage Interest Credit; and Form 8859, District of Columbia First Time Homebuyer Credit. |
