The upcoming tax season is expected to start on time for everyone except for 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.I just got notified by the software company I use that everything is ready to go.
Wednesday, January 09, 2008
AMT Patch Implemented
Congress was so late getting the AMT fix passed, I was glad to see that the IRS, as well as tax software companies, have been able to get their systems updated so quickly. Some taxpayers will not be able to file until February 11th however: