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Friday, December 21, 2012

IRS Warns Fiscal Cliff Plunge Could Delay Up To 100 Million Tax Filings


IN OTHER WORDS, THEY TOOK OUR MONEY AND THEY'LL GET BACK TO US WHEN THEY WILL RETURN IT TO US.


With fiscal cliff negotiations slowing to a near-halt, the IRS is warning that absent a deal, up to two-thirds of U.S. taxpayers will have to wait next year to file their returns.In a letter to the top House and Senate tax writers from both parties, acting IRS Commissioner Steven Miller said that between 80 million and 100 million taxpayers won’t be able to file on time. That’s up from a November estimate, in which he told lawmakers that around 60 million taxpayers might have trouble filing.Most taxpayers wouldn’t be able to file their returns until at least the end of March, Miller said.Miller said the IRS has programmed its computers to assume that Congress will agree to a last-minute patch, as it has in previous years. But if a deal doesn’t come together, Miller said that millions of Americans will have to wait for the IRS to alter its programs.
“If an AMT patch is not enacted by the end of this year, the IRS would need to make significant programming changes to conform our systems to reflect the expiration of the patch,” Miller wrote.
Many lawmakers have suggested that they could address the AMT in early January if Washington falls off the fiscal cliff. But Miller said that even that scenario creates problems.
“If Congress were to enact a new AMT patch, the time and substantial expense necessary for the IRS to reprogram its systems to reflect expiration of the patch would ultimately be wasted,” he wrote.
I REPEAT:

THIS MEANS, THEY HAVE YOUR MONEY, AND THEY WILL GET BACK TO YOU ONE WHEN THEY MIGHT BE WILLING TO GIVE IT BACK TO YOU.


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