IRS Working To Implement AMT Patch ASAP
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” earlier this month by the House. “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,” announced Linda Stiff, IRS Acting Commissioner. She added: “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. The IRS announced that to help the tax professional and software communities prepare for the upcoming filing season, it would post revised copies of the 11 tax forms impacted by the AMT legislation to its website within 72 hours of the AMT patch being signed into law. .
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