March 3, 2013 11:48 am

IRS Starts to Accept all Delayed Returns

Income tax returns for 2012 that included any of 29 forms and schedules ( impacted by the “fiscal cliff” legislation were not able to be filed until now. The IRS announced that as of March 3 it is accepting returns with any of these forms or schedules.

Tax Glossary

Amount recognized

The amount of gain reportable and subject to tax. On certain tax-free exchanges of property, gain is not recognized in the year it is realized.

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