AMT Patch Finally Here

Congress has finally put together a much needed patch and now it awaits the President's signature.  The bill is a one year patch, so Congress will need to fix it next year, again.

The patch is designed to help millions of Americans avoid the AMT pitfalls, and the average $2,000 tax hit associated with it.  However, many refunds will be delayed due the patch taking so long to complete.

The IRS stated yesterday they are working feverishly to implement the patch into the tax forms and calculations, but it will take some time...

“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,” said Linda Stiff, IRS Acting Commissioner. “Our goal is to process tax returns accurately and to issue refunds to taxpayers as quickly as possible.”