North Charleston, S.C. (PRWEB) January 31, 2008
New legislation may cause some taxpayers to see a delay in receiving their tax refund.
David Bauman, an Enrolled Agent for JK Harris and Company, LLC, the nation's largest tax resolution firm, advises that because of the Alternative Minimum Tax "patch," as many as 13.5 million Americans will not receive their refund as quickly as they may hope.
"Most tax software programs will not be operational for the more complicated returns until mid-February," Bauman said.
Those returns that will be affected by this AMT "patch" include the following:
- Form 8863, Education Credits
- Form 5695, Residential Energy Credits
- Schedule 2 (Form 1040A), Child and Dependent Car Expenses for Form 1040A filers
- Form 8396, Mortgage Interest Credit
- Form 8859, District of Columbia First-time Homebuyer Credit
If you are filing using one of these forms, you will not be able to send your return to the IRS until its computers are reprogrammed for the late tax law changes. The IRS is looking at being ready for these returns by February 11.
In the meantime, Bauman suggests using the extra time to "assemble, organize, and label all of your records that will be necessary for having your taxes prepared."
If you would like more information about the AMT, please go to http://www.irs.gov.
About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, fee-based financial planning, tax return preparation, and audit representation.