Tax Fix Delays Refunds

WASHINGTON (AP) - Millions of early tax filers won't be getting
their refunds as quickly as they had hoped.
The IRS says more than 3 million people will have to wait until
February to get their refunds because of Congress' late fix to the
alternative minimum tax.
Congress put a one-year freeze on growth of the alternative
minimum tax last week, shielding many middle- and upper-middle
income taxpayers from first exposure to the tax. But Congress' late
action means the Internal Revenue Service won't be able to start
processing five AMT-related forms until February, delaying
potential refunds for those people until that month.
Acting IRS Commissioner Linda Stiff says her agency regrets
"the inconvenience the delay will mean" for millions of early tax
As many as 13.5 million people will have to wait until February
11th to start filing with the five AMT-related forms. But the IRS
says filing patterns show only between 3 million to 4 million of
those people file during the early tax season anyway.

%AP Links

[APGB.MOS491205GraphicsBank Image 491205GraphicsBank Image 491205] 2000x1500
US Internal Revenue Service logo, with highlights, graphic
element on gray

(Copyright 2007 by The Associated Press. All Rights Reserved.)

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus