The IRS has stated that there may be delays this year in the processing of refund checks. This is due in part by The Alternative Minimum Tax (AMT). The IRS must now alter close to 12 tax-return forms that are affected by the new law. 

The IRS has stated: 
The AMT law affects “a number of core IRS processing systems that will need to be updated,” the agency said in a statement on Thursday. “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.”

The IRS has also stated that paper forms will be accepted ahead of electronic forms for all the early birds out there, who are preparing to file. This is because the IRS is not ready to accept the new electronic form data. It may be sometime after January 14th, that the IRS will be ready for electronic filing under the new laws.

These noted delays in processing may also mean delays in refunds. “If they get backlogged at the beginning, it could spill over, where they’re trying to catch up for a long period,” said Bob Scharin, a senior tax analyst with RIA, from Thomson Tax & Accounting, noting that they cannot issue refunds until returns are processed.

Sigh…

I guess I will get out my paper and pens. I want my refund asap!

That’s All I Got,
4four1ones