Saturday, January 1, 2011

Procrastinating 111th Congress Causes 50 Million Taxpayers to Wait for Refund

Liberals touted the productivity of the 111th Congress, but they delayed too long passing an extension of the Bush tax cuts. The delay will cause some 50 million taxpayers to have to wait for their refund. The IRS says it will be mid-February before they are ready to process tax refunds for itemizers.

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.

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