Friday, December 28, 2007
The IRS announced today that repairing a glitch in the alternative minimum tax may delay tax refunds for more than three million U.S. citizens, according to the Internal Revenue Service. Lawmakers moved to shield millions of upper and middle class taxpayers from falling under the minimum tax. The move was designed to ensure that very wealthy citizens did not claim so many tax breaks that they avoided paying taxes entirely.
 
The move forced the IRS to re-program its computer systems, however, which means that the IRS won’t be able to process AMT-related returns until February 11th for the three million plus taxpayers who typically file early in the year.

12/28/2007 3:50:01 PM UTC  #    Comments [0]  |  Trackback