No AMT Fix Could Mean 50 million delayed Tax Refunds


	No AMT Fix Could Mean 50 million delayed Tax Refunds

DevilInTheDetails

11-28-2007 11:50 AM

281 views

tags:

amt, taxes, congress, alternative minimum tax

DevilInTheDetails says:

Congress lack of movement on this issue is just ridiculous. A law that was created to guarantee 155 families payed taxes could snare as many as 24 million tax payers this year.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/68114e26-6cc6-422b-b548-019e93b8e4d5/6AA4A6A3-83A4-4465-B751-1CE0B7F461C9/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.marketwire.com/mw/release.do?id=797301" href="http://www.marketwire.com/mw/release.do?id=797301" style="font-size: 11px;">www.marketwire.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.marketwire.com/mw/release.do?id=797301">Most taxpayers who file their tax return
early do so because they are eager to claim their anticipated refund.
However, this tax season, as many as 50 million taxpayers who file their
return early may be disappointed by how long it takes to get their expected
refunds.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.marketwire.com/mw/release.do?id=797301">
The cause of the probable hold up? Lawmakers' failure to approve a
temporary patch to the Alternative Minimum Tax (AMT) </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.marketwire.com/mw/release.do?id=797301">
If Congress fails to ratify another provisional one-year increase within
the next few weeks, the number of households paying the AMT will jump from
approximately 4 million in 2006 to nearly 23 million for 2007.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.marketwire.com/mw/release.do?id=797301">
When Congress reconvenes from Thanksgiving Break, lawmakers will only have
a few days to pass a bill into law before adjourning for Winter Break.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.marketwire.com/mw/release.do?id=797301">
Late legislation means the IRS will need to roll out new forms and
instructions as well as make programming changes to its computer systems
that are used to process tax returns -- in all taking approximately 10
weeks after the bill is signed into law. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6AA4A6A3-83A4-4465-B751-1CE0B7F461C9/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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