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Update on Extender Legislation

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Update on Extender Legislation

April 5 Update: The IRS has completed work on its systems and can process tax returns claiming benefits related to the Bipartisan Budget Act, enacted on Feb. 9. The budget act renewed for tax year 2017 a wide range of individual and business tax benefits that expired at the end of 2016. Many affected individual taxpayers were able to file key forms beginning Feb. 22. Work has continued on the remaining affected tax forms since then, and the IRS has now completed updating its systems for the other affected tax forms, for both individuals and businesses. Taxpayers can file as they normally would.

The Bipartisan Budget Act of 2018 retroactively extended and modified numerous tax provisions covering 2017. Key benefits for individuals include the following:

The IRS has revised impacted forms, instructions, and publications, that the IRS had already released, and reposted them to www.irs.gov/DownloadForms. The links above take you to the updated versions. The updated revisions will not be printed. They will only be available on IRS.gov.

If you have already filed your 2017 federal tax return and are eligible for any of the benefits included in the new law, you may file an amended return using Form 1040X. Amended returns cannot be filed electronically and can take up to 16 weeks to process.

Update on Extender Legislation: News Releases

IR-2018-60, March 16, 2018, Additional time to make refund claims for wrongful incarceration exclusion: File back-year claims by Dec. 17, 2018, at special address

IR-2018-59, March 16, 2018, Taxpayers can now e-file returns including four tax benefits related to incentives for energy production and conservation

IR-2018-33, Feb. 22, 2018, Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds

Research & References of Update on Extender Legislation|A&C Accounting And Tax Services
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