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Post by danreller on Jan 2, 2011 17:52:29 GMT -6
The IRS has announced that taxes filed by those that itemize deductions, claim state and local tax deductions, or claim deductions for tuition for college students will not be processed until mid to late Feb. The IRS claims they have to reprogram their computers as Congress acted too late in extending the Bush tax cuts.
What I don't understand is why they need to reprogram their computers for tax year 2010. Wasn't all the deliberation and voting about tax years 2011 and beyond? I can see them needing to put IRS effort into programming their computers to guide employers in how much to withhold from employees beginning 1Jan11, but, tax year 2010 for which we will be filing should not change.
I've also read that the US will need to raise it's debt limit soon from 14.3 T or the US will grind to a halt or perhaps default. Do you suppose the IRS is trying to buy time so they don't have to pay refunds?
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Post by unlawflcombatnt on Jan 2, 2011 19:49:51 GMT -6
I've also read that the US will need to raise it's debt limit soon from 14.3 T or the US will grind to a halt or perhaps default. Do you suppose the IRS is trying to buy time so they don't have to pay refunds? That's a scary thought--the Government not paying refunds because it's expecting to default on its debt first. But I wouldn't be surprised if that is what they're thinking. I wouldn't put anything past this Government. Something similar happened in California. The state had to start paying some employee salaries with IOUs for a short time during the last 12-18 months. I was working for a state contractor and I was concerned myself about whether I was going to get paid. What would happen if Government stopped paying Federal employees?
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