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<blockquote data-quote="texan" data-source="post: 1063920" data-attributes="member: 38206"><p><strong>IRS Warns Congress About Failure to Address Alternate Tax</strong></p><p><strong></strong></p><p><strong>Failure by Congress to act on the alternative minimum tax by year’s end will lead to“significant” </strong></p><p><strong>delays in tax filing and a strain on taxpayers, said <a href="http://topics.bloomberg.com/steven-miller/" target="_blank">Steven Miller</a>, the <a href="http://topics.bloomberg.com/internal-revenue-service/" target="_blank">Internal Revenue Service</a>’s</strong></p><p><strong>acting commissioner. </strong></p><p><strong></strong></p><p><strong>The alternative minimum tax, or AMT, is part of the so-called fiscal negotiations in Congress.</strong></p><p> <strong>Leaving it untouched would affect taxpayers early in 2013, because its reach would be</strong></p><p> <strong>expanded for returns filed for tax year 2012. </strong></p><p><strong></strong></p><p><strong>Without action by Congress, the parallel tax system would affect 32.4 million households for tax</strong></p><p> <strong>year 2012, up from 4 million in 2010, according to the Congressional Research Service.</strong></p><p><strong></strong></p><p> <strong>It would increase tax collections by $92 billion, shrinking or erasing many taxpayers’ expected refunds.</strong></p><p><strong><a href="http://www.bloomberg.com/news/2012-12-06/irs-warns-u-s-congress-against-failure-to-address-alternate-tax.html" target="_blank">IRS Warns Congress About Failure to Address Alternate Tax - Bloomberg</a></strong></p><p><strong></strong></p></blockquote><p></p>
[QUOTE="texan, post: 1063920, member: 38206"] [B]IRS Warns Congress About Failure to Address Alternate Tax Failure by Congress to act on the alternative minimum tax by year’s end will lead to“significant” delays in tax filing and a strain on taxpayers, said [URL="http://topics.bloomberg.com/steven-miller/"]Steven Miller[/URL], the [URL="http://topics.bloomberg.com/internal-revenue-service/"]Internal Revenue Service[/URL]’s acting commissioner. The alternative minimum tax, or AMT, is part of the so-called fiscal negotiations in Congress. Leaving it untouched would affect taxpayers early in 2013, because its reach would be expanded for returns filed for tax year 2012. Without action by Congress, the parallel tax system would affect 32.4 million households for tax year 2012, up from 4 million in 2010, according to the Congressional Research Service. It would increase tax collections by $92 billion, shrinking or erasing many taxpayers’ expected refunds. [url=http://www.bloomberg.com/news/2012-12-06/irs-warns-u-s-congress-against-failure-to-address-alternate-tax.html]IRS Warns Congress About Failure to Address Alternate Tax - Bloomberg[/url] [/B] [/QUOTE]
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