Posted on 01/02/2011 7:49:13 AM PST by free_life
NEW YORK (CNNMoney) -- Itemize your tax deductions? Itching for a refund? You're going to have to wait.
The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17.
(Excerpt) Read more at money.cnn.com ...
The IRS should not have to reprogram anything for 2010 as the rates where already established for 2010 under the old bill.
We get paid interest during the interim right? /sarc>
The extension though late did not / does not affect 2010 tax rates, why does the IRS have to reprogram anything?
This is beyond strange.
See the link below for more info.
http://www.irs.gov/newsroom/article/0,,id=233449,00.html?portlet=7
I’m willing to bet that the IRS changed the tax code being sure that the ‘tax cuts’ wouldn’t be extended.
Now they need time to change them back.
The tax cuts affect 2011, not 2010 filings.
The cuts would have sunsetted at the end of 2010. This means you would still get the deductions when filing for 2010.
It doesn’t make sense.
Government, if they were a business, they would be out of business.
Folks needing immediate refunds are getting SCREWED! Thanks again, RATS.
Something is up with this. We are being lied to once again.
There is no money for refunds whats so hard to understand they are tooling up to send letters that will say they will just apply it to next years
The Bush child tax credit and the educational credits ended after 2009. The were extended in December. Most of us did not realize that these tax breaks had ended.
I still wouldn’t put anything past the IRS though.
Yea, and you can thank every member of congress who voted to confirm Timothy Geithner (a person found to have not paid back taxes) for the position of Secretary of the Treasury. Since he has been in that position, they have frozen any small yearly raise on social security benefits, given me wrong information as to when I would receive my social security check; delayed my income tax return of over 900 dollars for many months, causing me to make dozens of phone calls, two four-hundred mile trips to an IRS office. Each time I called to inquire about my return (needed for my vacation), I was given some, mostly rude, uninformed and rediculous reason for why I wasn’t getting my money. Finally, I had to borrow on my credit card. That is what the money changers like you to do. Just put a crook from wall street in charge of the national treasury. Congress did it.
HA...I DID get paid interest once when I forgot to send our taxes in for 6 months - they owed us money....and they DID pay interest. My accountant was impressed.
Here’s a good idea:
http://online.wsj.com/article/SB10001424052970203513204576047963409315634.html?mod=googlenews_wsj
I also can imagine that they have worked on a way to check into looking over with extra scrutiny any forms with itemized deductions. They are going to stagger them in order to get you if they can.
I don’t trust this administration one bit.
However, you idea is probably very true.
You are absolutely right. The programmers have known the 2010 tax code for a year. There is nothing to change at this point. I guess the elitist in DC think we are way too stupid to figure this out.
http://online.wsj.com/article/SB10001424052970203513204576047963409315634.html?mod=googlenews_wsj
And the good idea is ... ?
Heh. I was going to say that the delay is due to the time needed to print all that unbacked fiat currency the FedGov will need to pay the refunds.
The printing presses only go so fast, after all...
Obama has plenty of two things:
1. banknote printing presses
2. raw meat for the sasquatch
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