2008 E-File

[dmj4]

I don't like to get started with the season any sooner than I have to, because I don't like a few people here and there. I know the IRS 2008 Refund Cycle Chart shows starting ontime this year. Has anyone heard anything different? I really thought I heard something about that.

Do any of you start later than the 11th?

Thanks!

[S T]

Usually after the 25th

I am also only finding the cycle starting on 1/11/08 with acknowledgements maybe by 1/14, at least that is what is posted on H&R site.

Fortunately for me, as I don't have walk in clients, all long time clients or referrals, it is rare that I have enough information to complete a return for efile prior to the 25th of January and usually later into the first week of February

Sandy

[dmj4]

I have lost early filers

I have actually put early filers off over the years, and lost them, because I don't want to go in for one or two. There are too many long days and nights ahead to start before I have to.

[August @ ADG Financial]

I believe that because of the AMT not being approved by Congress until just this week that refunds will not be coming out until mid February. I think we will still be able to conduct business as usually but the refund cycle will be slowed down. I plan on telling my client to expect their refunds a little late. Hope this helps. August

[ecb34691]

As of Friday 12-21 IRS has not announced any change in processing. According to my information, they are looking at various options including limited processing of non AMT returns on time. Did you hear Bush comment when he signed the AMT bill that the Treasury should do all possible so as not to delay the refunds of millions of taxpayers.

[Donald Rihn, EA]

Delayed e-filing, hit on the economy

According to my local paper, the delay in allowing e-filing and the anticipated refunds will hold approximately $39 Billion from the economy from mid January to mid February.

Most, if not all those receiving those RAL's and direct deposits normally spend most of that money. For bills that are due and for luxury purchases that they normally cannot afford.

Those funds will not be available then.

I wonder if Congress and the President has considered the hit that the economy is going to take during that period?

And, what about those tax preparation businesses and their employees that rely on those returns during that time period?

[Jesse]

As I went past our local H&R office Friday and noticed it was closed I wondered about the "Rapid Refunds". Last year it seemed aroung Thanksgiving they were pushing "bring in your last paystub and we'll get your refund to you early" campaign and the office was open from 8:00AM to 9:00PM through all of December. Is this no longer available? Is it because of the AMT patch?

MERRY CHRISTMAS to all!!!!

[ecb34691]

None of the banks are offering early paystub/early loans this year. It wasn't because of AMT, they made their decision in the summer. RAL/early refunds still need ACK's from IRS before the banks issue. What HRB was offering was a $500 loan to a debit card if you were their client in 2005&2006 for only the amount of tax withheld - not EIC, CTC or ACTC.

[Black Bart]

ecb

None of the banks are offering early paystub/early loans this year. It wasn't because of AMT, they made their decision in the summer.

Did they say WHY they aren't doing it this time? They apparently made lots of money off the deal in past years, so it seems odd they aren't doing it again.

[ecb34691]

Can only guess (they never said) , but probably because they loaned before transmission to IRS and didn't know about debt indicator, etc for offset.

[Black Bart]

Can only guess (they never said) , but probably because they loaned before transmission to IRS and didn't know about debt indicator, etc for offset.

What about the debt indicator? Is there not one this year? Thanks.

[ecb34691]

No those pre-file loans were made and approved PRIOR to transmission to IRS and therefore the banks didn't know if there was a DI. Last year when they came in with the W-2, then the return was transmitted to IRS. DI is still there as far as I know - haven't heard anything about doing away with them.

[JoshinNC]

NO returns will be accepts until 2/18/08

As of Friday 12-21 IRS has not announced any change in processing. According to my information, they are looking at various options including limited processing of non AMT returns on time. Did you hear Bush comment when he signed the AMT bill that the Treasury should do all possible so as not to delay the refunds of millions of taxpayers.

This is the OFFICIAL word from the head of e filing at the IRS in a recent (within the last 10 days) CE class. If no returns are accepted until 2/18 then you are looking at refunds on 2/28 (essentially March 1).

[Golden Rocket]

dmj

Hi dmj4 - your absence has been felt - thanks for returning to the forum.

How did your audit come out last year? (If you care to tell us) Maybe you did share with us and I was just off the board for a few days (this sometimes happens).

Not pressuring you to respond to the above question, but it sure is good to have you back.