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Tax Credits Blog

Forms are starting to come in

Its been a long year without any processing of applications that have been sent in. Some states are getting current quickly (Virgina) while some states are struggling with their new software (Pennsylvania) and others are just slow (New York has over 100,000 applications to deal with).

It's unlikely that all states will process all 2012 forms by 3/15 (for corporations) or even 4/15 (for LLCs, S-Corps) so companies have a choice. Choice 1 is to file an extension - pay the tax you owe (or claim the refund) without credits - then on extension day (9/15 or 10/15) file with the credits and get money back. The other option is to file on time and take what credits are in then take the rest when you file the 2013 returns. The best advise I can give you is to check with your tax professional to see what his advise is.

At EmployerIncentives.com we're phasing in the credits as we get them so those companies who want to file by the tax deadline and not use the extension will get their up to the minute credits.

We really need to try to make this part of a permanent tax credit so we don't need to go through this every time the programs expire.

 

Ken Brice

 

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