Tax Fix Will Delay Millions of Refunds

IRS can't start processing AMT forms until February
By Nick McMaster,  Newser Staff
Posted Dec 27, 2007 4:53 PM CST
The IRS building on Constitution Avenue in Washington, D.C.   (Public Domain)
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(Newser) – The 11th-hour freeze in the alternative minimum tax by Congress last week will delay refund checks for millions of taxpayers this year, the AP reports. Congress shielded middle-class taxpayers from a higher tax bill with its move, but the late date means the IRS won't be able to start processing AMT forms until February.

"We regret the inconvenience the delay will mean for millions of early tax filers, especially those expecting a refund," said the acting IRS chief. If last year is a guide, between 3 and 4 million people will apply for a refund with the affected forms in January. They'll just have to wait a little longer for their money.