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Tax Refunds Could Be Delayed To Millions

Tax Refunds Could Be Delayed to Millions

Posted on: 8:52 pm, December 19, 2012, by Kara Sutyak

By Jeanne Sahadi

NEW YORK (CNNMoney) — As many as 100 million taxpayers may be unable to file their returns until late March and would face refund delays if Congress fails to reach a fiscal cliff deal by Dec. 31 that includes an Alternative Minimum Tax fix.

That’s the latest estimate from the IRS, which would have to do some serious system reprogramming in the absence of an AMT provision.

Here’s the problem: Income exemption levels under the “wealth tax” — as the AMT is known — were never adjusted for inflation since it was enacted decades ago. So Congress has regularly passed an AMT “patch” to correct for that by raising the exemption levels.

Read more: http://fox8.com/2012/12/19/tax-refunds-could-be-delayed-to-m...



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