IRS warns of chaos if AMT patch is not issued this year
Congress must enact a patch for the alternative minimum tax by the end of the year, Internal Revenue Service officials warned. If it doesn’t, an extra 28 million households will be hit with the AMT. Also, because the IRS must reconfigure its systems if a patch is not issued, it may not be able to accept returns or issue refunds until March 2013. See full story.
