IRS announces AMT-affected tax return processing back on track

The Internal Revenue Service is now processing five tax forms affected by legislation involving the Alternative Minimum Tax (AMT).

On Monday, IRS systems began to accept and process returns that include the five affected forms. After several days of processing, the IRS has confirmed all systems are working properly.

In late December, the IRS announced it would delay processing of several tax forms. For the vast majority of taxpayers, the filing season this year began on time. But for any taxpayer whose return included any of the five affected forms, filing opened on Feb. 11.

Taxpayers who use the five forms can now file their tax returns as normal.

The affected forms are:

  • Form 8863, Education Credits

  • Form 5695, Residential Energy Credits

  • Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers

  • Form 8396, Mortgage Interest Credit

  • Form 8859, District of Columbia First-Time Homebuyer Credit

    Approximately 13.5 million taxpayers are expected to use these forms this year. Altogether, the IRS expects to receive nearly 140 million individual tax return submissions this year.

    The IRS has worked closely with the software industry and tax practitioners during the reprogramming process to minimize disruptions for taxpayers and the tax community.

    For more information, see Alternative Minimum Tax –– How It Affects Filing Season 2008.

    You may like these other stories...

    Plan ahead before you buy some shares in a stock mutual fund near yearend, when the fund is about to pay a dividend. It might be better to wait until after the fund goes "ex-dividend," that is, wait until after the...
    AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...
    Many accountants struggle with payroll, either because they have too much of it or they don't want to do any of it. Either way, they are at odds with the needs of their business clients. Most clients are looking for a...

    Already a member? log in here.

    Upcoming CPE Webinars

    Sep 18
    In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
    Sep 24
    In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
    Sep 30
    This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
    Oct 23
    Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.