Looks like tax season is going to be delayed – again. According to The Journal of Accountancy:
As the end of the year approaches, media attention is focused on the “fiscal cliff,” but a much more immediate result of Congress’s inaction threatens the 2013 filing season: the alternative minimum tax (AMT) patch, which expired at the end of 2011. The IRS warns that the start of tax season could be delayed for millions of taxpayers if the AMT patch is not enacted by the end of the year.
[...]
Because twice in the past when the AMT patch has expired, it has been reinstated retroactively, the IRS made the decision this year to maintain its tax filing systems “as-is” for the 2013 filing season. As a result, if the AMT patch and tax credit ordering rules are not enacted, the IRS warns of significant delays in the upcoming filing season. The programming changes it would have to make to its processing systems would mean it would have to notify 60 million taxpayers that they may not file a tax return or receive a refund until late in March 2013 and possibly later.
I don’t know why Congress cannot fix the AMT system permanently. This band-aid approach is ridiculous. And retroactive fixes leave everybody in the dark.
Is it any wonder that Congressional approval is a mere 21%? How about you folks get to work doing what you were elected to do?
The AMT should be eliminated. Everyone should play by the same rules.
Posted by narceleb | Monday, November 26, 2012, 8:26 am