Some Taxpayers Must Wait to File Returns

[harvey007]

Source: Wall Street Journal

Since most taxpayers get income-tax refunds each year, it's tempting to file as early as possible.

But this year, some would-be early birds will have to wait until mid- to late February.

The problem: congressional procrastination.

Lawmakers waited until last month to make last-minute tax-law changes. The Internal Revenue Service said recently those changes will require the agency to "reprogram its processing systems" for a few provisions that were extended in the law enacted in mid-December.

Read more: http://online.wsj.com/article/SB10001424052748703384504576056363813029444.html?mod=googlenews_wsj

[virgogal]

1. Yep ! I found that out recently and it drives me nuts. I am owed

money,and need it.

[Name removed]

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[virgogal]

14. I've been meaning to that for about 5 years----I'm an appalling

procrastinator.:shrug:

[Name removed]

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[DeadEyeDyck]

15. You are right, You don't earn interest on the money they

are sitting on.

[Name removed]

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[sarcasmo]

9. They would charge you interest and penalties if you're payment was late. Maybe you can

oh wait, it's near impossible to sue the Government and win.

[SoCalNative]

2. I don't really understand this

since, as I understand it, none of what was voted on in the tax bill should be for tax year 2010.

[NutmegYankee]

3. That is my thought as well.

The tax increases were not supposed to take place until 2011. So 2010 should be unchanged by the extension bill.

[freshwest]

4. Could be they are holding back since a lot of people will be getting refunds?

[bhikkhu]

6. ...as the Treasury furiously peddles t-bills

perhaps the check from China hasn't cleared yet?

[freshwest]

11. That, or something very close to it!

[hack89]

7. They extended some deductions that expired at the end of 2010

in addition to extending the AMT. This delay only effects those that itemize using schedule A. Any one that uses the standard deduction is not effected.

[SoCalNative]

12. But that shouldn't have any effect on filing 2010 taxes

if the tax cuts did not expire until the end of 2010.

[hack89]

13. It has nothing to do with the tax cuts or tax rates.

there were many disparate issues that went into the tax bill. We play the AMT tango every year for example.

[proud2BlibKansan]

10. That was the impression I had as well

I was under the impression that NOT continuing the tax cuts was going to cost the IRS several million $$ to change forms.

[TacticalPeek]

5. "congressional procrastination"?

Hahaha. Funny.

That's what the kids are calling it these days?