From multiple sources comes word that the IRS will not accept returns with Form 8863 (Education Credits) at this time. Any returns with this form will also be delayed until (probably) March mid-February. While this form is not on the IRS list of forms that cannot be accepted on Wednesday, January 30th, both a post on Yahoo and Trish McIntire are reporting that the IRS announced this yesterday on a phone call with software vendors.
This will impact many taxpayers. While my tax practice will be less impacted than most, many tax professionals will have to delay submission to the IRS of many of their returns.
The blame here goes to Congress, not the IRS; had Congress acted responsibly and passed this legislation last Summer…of last Fall…or November, there likely would be no delays at all.
UPDATE: The IRS announced this afternoon that returns with Form 8863 will be accepted beginning in mid-February.
