Merry Christmas. I love you all. In a lump-of-coal announcement on the eve of Christmas Eve, the IRS announced that, due to last-minute maneuvering on Capitol Hill, the agency won't be ready to process more than 50 million returns until mid- to late-February. Since most returns demand refunds from the IRS, the delay means millions of taxpayers will have to wait to get their money back.
When Congress okayed a big tax bill last week, attention focused on the extension of the Bush tax cuts, a payroll tax holiday and restoration of the federal estate tax. But at the IRS, there was plenty of angst about a group of retroactive tax changes that affect the 2010 returns. The agency is scrambling to make changes to forms and reprogram computers. But on Dec. 23, the agency admitted that it won't be ready on time to accept returns affected by the changes.
[Kiplinger.com]
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