AMT Patch May Delay Filing for Some Taxpayers
January 3, 2008
WASHINGTON — The Internal Revenue Service announced today that the
upcoming tax season is expected to start on time for everyone except
certain taxpayers potentially affected by late enactment of the
Alternative Minimum Tax “patch.”
Following extensive work in recent weeks, the IRS expects to be able to
begin processing returns for the vast majority of taxpayers in
mid-January. However, as many as 13.5 million taxpayers using five
forms related to the Alternative Minimum Tax (AMT) legislation will
have to wait to file tax returns until the IRS completes the
reprogramming of its systems for the new law.
The IRS has targeted Feb. 11, as the potential starting date for
taxpayers to begin submitting the five AMT-related returns affected by
the legislation. The February date allows the IRS enough time to update
and test its systems to accommodate the AMT changes without major
disruptions to other operations related to the tax season. As the IRS
has said previously, it will take approximately seven weeks after the
AMT patch was approved to update IRS processing systems completely.
Continue Reading AMT Patch May Delay Filing for Some Taxpayers
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Senate Passes AMT Patch
January 2, 2008
The Senate late Thursday passed a one-year fix to the alternative
minimum tax (AMT), setting up a potential confrontation with the House,
which passed a much different version of the bill earlier.
Democrats want to offset the cost of the patch, which would
shield millions of Americans from becoming eligible for the higher tax.
However, Republicans are balking at the idea and in the Senate they
have enough support to block such a plan.
"I
am relieved that the Senate has acted this evening to extend AMT relief
for 19 million taxpayers – including nearly 100,000 Nevadans,” Senate
Majority Leader Harry Reid (D-Nev.) said following the vote. “But I
want to make it perfectly clear that I am very disappointed Republicans
prevented the Senate from passing AMT relief in a fiscally responsible
manner. Instead, Republicans insisted that the $50 billion cost of
this proposal be added to the national debt – a debt that is already
growing at a rate of $1 million a minute.”
Continue Reading Senate Passes AMT Patch
Merry Christmas!
December 25, 2007
This is a little late, but I wanted to wish all of you a Merry Christmas! I have a big family, so I’ve spent the last four days visiting family, giving and receiving presents, and eating lots of food. Although it was great to spend time with everyone, I’m glad it’s finally over.
Right now I’m sitting in front of a cozy fire, watching "The Mystery of Christmas" (a 48-Hours special) on tv, and catching up on reading blogs.
Here are a couple that have caught my attention on this Christmas night…
The Bible and Taxes, Now and Then – this is an interesting post about how taxes are mentioned in the Bible, and how many states may actually be violating biblical principals in the way they tax their residents.
Tax Relief for Homeowners Struggling to Pay PI and PMI – The Mortgage Forgiveness Debt Relief Act of 2007 eliminates the tax on debt that is discharged or cancelled, and also extends the deduction for PMI thru 2010.
Plop, Plop, Fizz, Fizz: Lame AMT Relief It Is – the name says it all… we finally got the long awaited AMT relief we have been waiting for, but it’s just another patch. Looks like we’ll have to wait for permanent AMT relief.
That’s all my tired eyes can handle at the moment. Enjoy!
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