Beware the AMT!

Get on the horn (or the emailer) and contact thy Congressperson if you don’t want to get slammed by the dreaded alternative minimum tax (AMT) this year!

In a recent letter to Utah Senator Orrin Hatch, acting IRS Commish Steven Miller pointed out that he had instructed his staff to leave the IRS computers alone – left to operate ‘as is’ – with respect to the AMT, postponing any re-programming efforts until and if Congress actually takes action regarding the need for a “patch,” designed to save some 28 million of we and thee from an unexpected (not to mention unwelcome) AMT charge on our 2012 income tax returns!

If and when Congress gets back from vacation, and decides to take action regarding this mess before New Years Eve, it might just enable some 60 million of us to actually file our 2012 returns on time. Otherwise, later action would cause IRS to delay implementation of extensive computer overhauls, resulting in, per Miller, the need for a “magnitude and complexity of changes,” such that taxpayers would not be able to file until late March 2013, if not even later.