Thursday, January 03, 2008

Don't Count on Receiving a Tax Refund before February

The AMT patch was passed in late December (and technically is still unsigned) and the IRS is still revising forms. CCH analyst Mark Luscombe questions whether the IRS will be able to start tax processing by the standard January 14 date. If processing is delayed, even early-bird electronic filers with relatively simple returns almost certainly will have their tax refund delayed. Treasury Secretary Henry Paulson acknowledges that delays in tax return processing and refund distribution are likely.

While President Bush is not totally blameless here, Congress must bear primary responsibility for the AMT delay, as initial insistence on "taxgo" delayed the AMT patch from a November date. Both Republicans and Democrats in Congress need to find a long-term solution versus year-to-year patches as well.

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