Tuesday, February 12, 2013

IRS Update: IR-2013-18

The IRS release 2013-18 issued yesterday stated they will be able to accept returns containing depreciation schedules (Form 4562) immediately and returns containing education credits (Form 8863) beginning on Valentine's Day. This is really good news as it will avoid a potential backlog of taxes that could grind the wheels of progress to a halt. Now all we have to do is wait for the states to catch up!

P,S, PS. Since my original comment, depreciation has been disallowed for RVs. See Jackson, T.C. Memo 2014-160, August 7, 2014.

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