CONGRESS LATE PASSING OF AMT PATCH WILL CAUSE DELAY IN FILING TAX RETURNS -
Just weeks before the start of the 2008 filing season, Congress finally passed an AMT patch, which is expected to keep millions of moddle income taxpayers out of the reach of the AMT for the 2007 tax year. The lateness of the AMT patch, which is temporary and effective only for the tax year 2007, will slow return processing and refund payments for the 2008 filing season. The IRS has to revamp their computers for the tax changes. Taxpayers that itemize deductions and recognize tax credits will not be able to file their returns until mid February. However, this AMT patch is expected to save 25 million taxpayers on average $2,000 tax increase.