“Following extensive work in recent weeks, the IRS expects to be able to begin processing returns for the vast majority of taxpayers in mid-January. However, as many as 13.5 million taxpayers using five forms related to the Alternative Minimum Tax (AMT) legislation will have to wait to file tax returns until the IRS completes the reprogramming of its systems for the new law. The IRS has targeted Feb. 11, as the potential starting date for taxpayers to begin submitting the five AMT-related returns affected by the legislation.”
According to the IRS, the forms that will cause delays are:
· Form 8863 - Education Credits
· Form 5695 - Residential Energy Credits
· Form 1040A’s Schedule 2 - Child and Dependent Care Expenses for Form 1040A Filers
· Form 8396 - Mortgage Interest Credit
· Form 8859 - District of Columbia First-Time Homebuyer Credit
I am afraid that I am skeptical about “Sam” being able to begin processing most returns in mid-January. In this situation, I would rather go the way of television weathermen – and provide the “worst-case scenario” warning concerning an upcoming snow storm. I would rather be chastised for being too cautious when the storm turns out to be nothing than for not providing enough of a warning if instead it turns out to be the storm of the decade.
I would rather tell my clients to expect excessive delays and have them pleasantly surprised when their check arrives on time than tell them all will be ok and find myself faced with tons of angry telephone and email messages wanting to know “where’s my check!!!”.
And why isn’t Form 6251, the actual AMT form itself, not on the above list?