Accountants say ‘fiscal cliff’ will cause tax refunds to be late
RICHMOND, VA (WTVR) — Regardless of whether a deal is reached to avoid the fiscal cliff, Congress has already caused your tax refunds to be late this year.
That’s according to Richmond CPA Steve Walls who says the uncertainty in Washington has forced tax professionals to delay preparations – preparations that determine how quickly you get your refund.
“It has been impossible to give tax advice,” Walls said.
“It is going to be a lot later this year because you got several dynamics in play – in most years these preparations have already been done by January 1st,” Walls said.
Walls is specifically referring to computer programs that help millions prepare their taxes. Because of the uncertainty, there has been a delay in being able to get them online.
Walls cautions people when planning late spring/early summer vacations.
A new calculator allows people to find out how much they will be impacted by the fiscal cliff.