IRS Issues List Of 'Dirty Dozen' Tax Scams

Ready for tax season? What you need to know

"Although the IRS will begin accepting both electronic and paper tax returns January 29, paper returns will begin processing later in mid-February as system updates continue", the IRS said in a statement.

USA Today reported that last year's budget for the IRS budget was $11.2 billion, but that Congress still has not set funding levels for federal agencies, even though the current fiscal year began on October 1.

The IRS needs money for programming and system updates, answering phone calls, drafting and publishing new tax forms, revising regulations and guidance, training employees and developing ways to verify compliance and spot potential fraud, Olson said.

Timing: How soon after President Trump signs the tax bill could you see the effects? It provides an exception for most (but not all) refinancings along with an exception for some loans closed after December 15, 2017 pursuant to binding purchase contracts. "'Shortcuts" have become the norm and "shortcuts' are incompatible with high-quality tax administration".

The problem, however, is that the IRS generally does not know when a mortgage closes, the terms of a refinancing or the date of a purchase contract. The report pointed to the reduction in IRS funding of approximately 20 percent since 2010.

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The deadline will be April 17 this year, so taxpayers will have an additional two days to file rather than the traditional April 15 date.

"The IRS will have its hands full in implementing the new law", Olson said in her report.

A new tax law means millions of people will have questions about their taxes.

She notes that there has already been considerable public confusion about withholding changes, the deductibility of prepaid property taxes, and whether states may let taxpayers make charitable contributions in lieu of taxes to claim larger deductions than otherwise would be allowed now that there is a new $10,000 cap on the state and local tax deduction. Taxpayers who are using a tax software product for the first time will need their adjusted gross income from their 2016 tax return to file electronically.

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