Acting IRS Commissioner, Steven T. Miller, has urged the Senate Finance Committee to act immediately to address the AMT patch that expired December 31, 2011. Since the AMT patch has been extended by Congress over the past few years, the IRS computers for 2012 were programmed as if the AMT patch would be extended through 2012. If the patch is not extended by Congress, Miller stated that “We do not believe that the IRS has ever faced such a formidable operational risk.” What does he mean by that? It means that Congress’s inaction could cause a delay as to when taxpayers can begin to file their 2012 tax returns. The IRS estimates that without the patch, tax returns processing could be delayed until late in March. In addition to the AMT patch, there are other tax extenders that Congress needs to consider.
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