Tax News

CCH (cch.taxgroup.com) reports:

In response to the December 26, 2007, signing of the alternative minimum tax patch legislation (AMT patch), the IRS has issued a series of announcements and reminders regarding the upcoming 2007 filing season.
Although the IRS expects the filing season to start on time, some 13.5 million taxpayers using AMT-related forms will have to wait until approximately February 11, 2008, to file. In particular, taxpayers filing any of the following forms (manually or electronically) must wait until February 11, 2008, to file:
--Form 8863, Education Credits.
--Form 5695, Residential Energy Credits.
--Form 1040A, 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.
Other AMT-related forms, including Form 6251, Alternative Minimum Tax - Individuals, will be processed beginning on January 14, 2008.
In addition, the IRS has provided the following related guidance:
--Taxpayers should update any personal return-preparation software for the AMT patch.
--Taxpayers with $54,000 or less in adjusted gross income can electronically file their returns for free.
--Tax packages from the IRS, which will begin arriving in the mail around New Year's Day, went to the printer in November before the AMT patch was enacted.
IR-2007-209, 2008FED ¶46,221
Other References:
Code Sec. 6011
CCH Reference - 2007FED ¶35,141.02
Tax Research Consultant
CCH Reference - TRC FILEIND: 30,000