IRS: You may have to wait for your tax refund

[Amerigo Vespucci]

Source: MSNBC

WASHINGTON - More than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, the IRS said Thursday.

Congress put a one-year freeze on growth of the alternative minimum tax last week, shielding many middle- and upper-middle income taxpayers from first exposure to the tax. But Congress' late action means the Internal Revenue Service won't be able to start processing five AMT-related forms until February, delaying potential refunds for those people until that month.

Between 3 million and 4 million people filed in January of last year using those forms, with many of those people expecting a refund, the IRS said.

"We regret the inconvenience the delay will mean for million of early tax filers, especially those expecting a refund," acting IRS Commissioner Linda Stiff said.

Read more: http://www.msnbc.msn.com/id/22409868/

[anitar1]

1. Very appropriate name for the IRS commissioner,

Linda Stiff.

[K Gardner]

2. Bush announced this before Christmas in his radio address. It was NOT reported in the

MSM until AFTER the Christmas shopping season had ended. I posted it here sometime around Christmas Eve. Now, 2 days after Christmas, they're letting it out in the mainstream press. These scumball tactics to enhance the retailer's bottom line is even worse than what Bush is doing. And I really don't think I'm being paranoid :-)

[TomInTib]

6. I think you are right on the money (pardon the unintended pun)

A lot of those Xmas shoppers fall into this "delayed refund" category and were counting on that refund to pay down their credit cards.

Well, surprise, surprise. Watch those rates go through the roof.

[K Gardner]

7. Exactly. And with the ? coincidental changes in the FICO Scoring = higher interest

rates... another whole demographic of people are totally screwed.

[Beetwasher]

3. Propoganda In Action

n/t

[truebrit71]

4. Good thing I'm not expecting one then isn't it...?

...

[ixion]

5. no problem... with penalties and interest

you can just make it an even million.

We appreciate your business. :evilgrin:

[bleedinglib]

8. We had a GYN.

here in Branson by the name of Richard Stiff?
Maybe they are related? "No fooling"
Blib;-)

[TechBear_Seattle]

9. When can I start charging the government interest and late fees?

They are getting, in effect, an interest-free loan of my withholdings. I have a legal right to get that money back in a timely fashion. I assert a right to charge interest -- say, Prime plus 14% -- if repayment of that loan is not made in a timely fashion after I have filed the appropriate, correctly filled out paperwork.

I dare say I could make this a class-action.

[Didereaux]

10. Real reason? China hasn't gotten around to buying anymore US IOUs' this month