IRS gets busy with AMT patch | AccountingWEB

IRS gets busy with AMT patch

The Internal Revenue Service has announced it will immediately begin the final reprogramming steps for its income tax processing systems to prepare for the upcoming tax season following final passage of the Alternative Minimum Tax patch Wednesday by the House of Representatives.

"Our people will do everything they can to quickly update our systems for this major change and make this filing season as smooth as possible for everyone," said Linda Stiff, IRS Acting Commissioner. "Our goal is to process tax returns accurately and to issue refunds to taxpayers as quickly as possible."

The AMT and AMT-related tax calculations affect a number of core IRS processing systems that will need to be updated. The IRS is continuing to aggressively explore options for the 2008 filing season in order to minimize the impact of processing delays on taxpayers. Additional details will be available to the public as soon as plans are finalized.

To help the tax professional and software communities prepare for the upcoming filing season, revised copies of the 12 tax forms impacted by the AMT legislation will be posted to IRS.gov within 72 hours after the AMT patch is signed into law.

Related stories:

  • House passes AMT legislation - Bush says he will sign

  • Senate won't yield on AMT legislation - bill goes back to the House

  • House AMT relief bill passes - political wrangling continues

  • Lawmakers vow to pass AMT fix before year-end

  • IRS Oversight Board tries to light an AMT fire under Congress

  • Ways and Means AMT fix expected to die in Senate

  • Ways and Means passes AMT fix, Treasury not pleased

  • New taxes, deduction limitations to replace AMT revenue

  • No repeal of AMT this year - one-year fix proposed

    Wait, there's more!
    There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.