2007-12-08 02:20:41 · 3 answers · asked by workingvirtually 1 in Business & Finance ➔ Taxes ➔ United States
As of today the legislation to fix the Alternative Minimum Tax has not been passed. It is hoped that it will be passed soon.
At this point the IRS has not announced whether it will delay the acceptance of electronic returns. Right now the date for acceptance is January 14.
Unless the AMT patch is passed, taxes will increase for millions of taxpayers.
2007-12-08 02:40:33 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Very possibly. Congress has failed to act on several promised changes to tax law, most significantly extending the changes to the dreaded AMT. If Congress acts before the end of the year the IRS will have to rework a LOT of forms and calculations. This will likely delay many refunds for middle income earners in particular. If you're near the bottom if the income scale you should see yours fairly quickly.
Personally, I'm worried as I will be hit with a massive AMT bill if change doesn't happen quickly. I always manage my withholdings so that I pay in a few hundred at tax time (I hate lending money to the government) so I can afford to wait until April for action but anyone waiting on a needed refund could be in trouble.
2007-12-08 10:42:33 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
no
2007-12-08 10:29:13 · answer #3 · answered by TAT 7 · 0⤊ 0⤋