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2007-12-4-8-55-9-14395
Echoing warnings from Secretary Paulson and acting IRS Commissioner Linda Stiff over continued delay of enactment of an AMT patch for 2007, the IRS Oversight Board recently sent a letter to Congress providing an updated account of the effect delayed enactment would have on taxpayers. The Oversight Board urges Congress to take quick action so as to mitigate the risks of AMT changes on taxpayers, the letter read. According to the IRS Oversight Board's letter, the IRS now estimates that should the filing season begin on February 18, 2008, 37.7 million tax returns will see delays in processing and $87 billion in refunds will be delayed.