If taxes are, along with death, certain, than consumers anticipating a refund are also almost certainly anxious to file as soon as possible each new year.Tax refunds are never a good thing. Receiving a tax refund means that a consumer has essentially given the federal government an interest free loan. Worse, if the consumer is carrying debt and uses the refund to help pay that debt, accruing interest could have been avoided by having the proper amount withheld.
Yet another wrinkle occurs when consumers are subject to the Alternative Minimum Tax (AMT). As a result of tax code changes enacted in December, the rules covering who is affected by AMT and by how much have changed. IRS computers will need to be re-programmed according to the tax collection agency. As many as 4 million consumers could potentially be affected by these changes, with the biggest change being that their federal returns cannot be filed until February 11, 2008.
That date is being called a "target date" by the IRS and is obviously subject to change. Consumer Help Web will keep you posted on new announcements.
More tax return delay information is available at the IRS site.
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Important Note: This information is presented for news and information purposes. Consumer Help Web, Inc. is not a tax preparation entity, nor is this legal or financial advice. Consult your tax advisor or the Internal Revenue Service for more information on how this delay could impact you.
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