32 Million Tax Refunds Could Be Delayed

[Purveyor]

Source: Associated Press

WASHINGTON (AP) -- Silena Davis had counted on an early tax refund to pay for getting her teeth fixed. Now, because Congress has dawdled all year on a tax bill, she and millions of other early filers could have to wait extra weeks for refunds that last year averaged $2,291.

The Internal Revenue Service is looking hard at delaying the start of its filing season, set to kick off on Jan. 14, if Congress fails to pass legislation in the next two weeks. At issue is how to handle what could be a dramatic increase in the number of people facing a higher alternative minimum tax.

If there is a delay and it extends into mid-February, it would slow nearly 32 million refunds worth a total of about $87 billion, the IRS Oversight Board predicts.

--
The board, an independent advisory group, said in a report to lawmakers last week that it is "gravely concerned about the serious risks" to the filing season if Congress does not make timely changes to the tax. They include more mistakes by both taxpayers and the IRS and more people failing to pay taxes because of uncertainty about what they owe.



Read more: http://biz.yahoo.com/ap/071201/tax_hit.html

[Bitwit1234]

1. Gee anything to make the democrats look bad and give pissy ass what he wants

more money for his buddies to scoop up in Iraq.

[enlightenment]

2. Oh, good grief.

So, if Congress folds on the AMT, does that mean Silena Davis will get her early refund or does it mean that she'll find out she owes money to the IRS because her bracket is now eligible for the alternative minimum?

Anything to squeeze another nickel out of the people who can least afford it.

[grasswire]

anything to hold on to that $$, right

Where does that money come from, anyway? Do they have to borrow it from the Chinese?

[electron_blue]

3. Crud. I hope this doesn't happen. I am seriously counting on using my refund to

pay bills this year and was planning to file asap.

[aquart]

4. They need the float desperately.

[sarcasmo]

5. Two more weeks interest on the much money is a quit large.