Posted on 01/01/2011 3:32:23 PM PST by RobinMasters
NEW YORK (CNNMoney) -- Itemize your tax deductions? Itching for a refund? You're going to have to wait.
The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17.
The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers.
As a result, the 50 million taxpayers who itemize their deductions will have to hold off for a bit before they file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax filers filed in January or February of last year.
(Excerpt) Read more at money.cnn.com ...
That's okay; how about if we all just stop paying our taxes until the IRS can handle the program?
I bet the folks at TurboTax are going nuts over this.
You get the gold star for being the "most observant FReeper of the day"
Most likely the IRS just wants to delay the refunds and uses this as an excuse, hoping people will by the lies.
The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code.
If the rates remain the same, I fail to see the problem.
good question!!
What you said! Amen!
They're saying go ahead and fill out the forms, and they will hold them until the IRS is ready:
ttp://blog.turbotax.intuit.com/tax-news/irs-says-some-taxpayers-must-wait-to-file-2010-tax-returns
Maybe they want to delay the refunds.
WSJ: let’s postpone tax day
http://online.wsj.com/article/SB10001424052970203513204576047963409315634.html?mod=googlenews_wsj
Why didn’t the “reporter” ask this question? and it’s a darn good one.
I warned about this months ago.
Payroll departments brace for congressional verdict on tax cuts
“Anything that makes life harder for the IRS, especially compressing the filing window, strikes me as a good thing.”
Except the govt. gets interest on the refund money rather than the taxpayer.
Thanks to the anti-American tyrant in our WH, and the incompetent, money grubbing, vindictive socialist ruling class in the 111th Congress!
Late tax-law changes will delay refunds for many early filers
http://articles.latimes.com/2010/dec/29/business/la-fi-tax-refund-delay-20101229
I don’t think this is right because nothing changed from last year.
That extra money was so close they could taste it.
They are digging their own graves and just haven’t woken up to the fact yet!
This administration has got to GO!
I think this fact was already known before the tax deal, which is another reason it all could have waited for the new congress.
Oh well.
It has nothing to do with the tax rate extensions. It has to do with changes in certain tax credits and write offs for tax year 2010. Those were changed after the IRS forms were already prepared for 2010. Those forms have to be redone.
Sad thing is, they’ve dug our graves and our
children’s, too.
They hid, deceived, schemed, plotted behind closed
doors .. all for the sake of their power .. and
so much all of a sudden had to get done in the
lame duck .. purposely. They’re totally unfit
for government service.
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