2) The complexity of returns is increasing. The Affordable Care Act (ACA) has thrown some curves into tax return preparation that even experienced preparers have had to dig into to learn. When NAEA offered a three-part Webinar on the effect of the ACA on taxes, members signed up in droves.
3) In light of the slow response times from IRS and the complexity of returns, more people than ever are going to be hiring tax professionals. IRS has published directories on the IRS.gov site where taxpayers can find licensed tax preparers, such as Enrolled Agents and CPAs, and the NAEA “Find an EA” directory on www.naea.org allows taxpayers to search by location, language specialty, and more.
4) We may have thought identity theft was at an all time high last year, but the cyber villain hacks affecting Target, Anthem and other companies have released private information such as names, addresses and Social Security numbers into the wrong hands allowing crooks to file taxes and steal other people’s refunds. This is going to be a bad year for tax refund theft.
5) The beleaguered IRS will do what it must: meet projected refund times. Like last year, the IRS expects to issue more than 9 out of 10 refunds within 21 days.