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Tuesday, December 04, 2007

Millions Of IRS Tax Refunds Could Be Delayed

The Internal Revenue Service is looking hard at delaying the start of its filing season, set to kick off on Jan. 14, if Congress fails to pass AMT legislation in the next two weeks. At issue is how to handle what could be a dramatic increase in the number of people facing a higher alternative minimum tax.
If there is a delay and it extends into mid-February, it would slow nearly 38 million refunds worth a total of about $87 billion, the IRS Oversight Board predicts.

Smart Pros

Late News: With Congress returning from its Thanksgiving recess, Senate Majority Leader Harry Reid (D-Nev) on December 3 promised quick action on the AMT

Tax Analysts

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