Sunday, December 2, 2007

IRS considers delaying start of tax season

WASHINGTON - The Internal Revenue Service is looking hard at whether to delay the start of tax-filing season if Congress, in the next two weeks, doesn't pass a law exempting millions of people from the Alternative Minimum Tax.

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

The board, an independent advisory group, told 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 ON->

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