The IRS Would Love to Take Your Tax Return This Valentine's Day

The Internal Revenue Service today will start processing tax returns affected by recent federal tax changes.

Officials had said last-minute tax law changes at the end of 2010 would prevent certain returns from being processed until sometime in February.

The Valentine's Day delay applies to taxpayers claiming:

• Itemized deductions on Schedule A.
• Higher-education tuition and fees deduction on form 8917.
• Educator-expenses deduction.

E-filing taxpayers can start preparing their returns right away because many major software providers have said they will accept the returns now and submit them when processing opens Feb. 14, according to the IRS.

Those using commercial tax software or hired tax preparers should check to see whether a similar procedure will be used.

The delay has given the IRS time to update its systems to correctly implement tax law changes from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 signed into law Dec. 17. The law extended several expiring provisions, such as those named above.

Most other returns can be filed immediately, such as those claiming the child tax credit and other popular tax breaks.