Washington Post: IRS Not Ready to Process Returns Until Mid-February

Washington Post reporter Kevin McCormally writes that millions of taxpayers can expect a delay in receiving their tax refunds from the Internal Revenue Service.  In his article, he explains that "because of last-minute maneuvering on Capitol Hill, the [IRS] won't be ready to process more than 50 million returns until mid- to late-February."  The article elaborates:

When Congress approved the big tax bill, attention was focused on the extension of the Bush tax cuts, a payroll tax holiday and restoration of the federal estate tax. But at the IRS, there was plenty of angst about a group of retroactive tax changes that affect 2010 returns. The agency is scrambling to make changes to forms and reprogram computers. But in December, the agency said that it wouldn't be ready on time to accept returns affected by the changes.

To read the complete story, please see "IRS May Not Be Ready to Process Returns Until Mid-February" on the Washington Post website.

Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal