pinky swear: tax writers tell irs they'll fix amt - oct. 31, 2007

pinky swear: tax writers tell irs they'll fix amt - oct. 31, 2007 the internet home of: symbollook-up entire site fortune money business 2.0 fortune small business home news markets my portfolio technology jobs personal finance luxury real estate small business rankings main company news economy international news ceos and cfos in the news media biz blog fun money mergers and acquisitions biggest deals ytd corrections financial news in brief main my portfolio stock market news indexes pre-market stock trades 24-hour stock data bonds and rates commodities: prices and data currencies: latest rates active companies stock price increases stock price decreases earnings: reports & estimates hot stocks stock spotlight sivy on stocks stock research center ipo: initial public offering main create portfolio edit portfolio create alerts edit alerts main high tech gadgets tech stock sectors fortune 500 tech 100 fastest-growing techs big tech blog techland blog technology business news media biz blog tech talk main economy federal reserve news best companies to work for top 80 best jobs 100 top mba employers your job 2007 america's hottest jobs ask annie unemployment rate cost of living calculator find a job main retirement plans mutual funds news ask the expert do it now: retirement guide exchange traded funds gerri's top tips millionaires in the making sivy on stocks college funding insurance: rates & news taxes: tax news loan center portfolio gallery archive money 101 calculators main cars and car news real estate news high tech gadgets gallery archive personal finance main best places to live home finance calculator cost of living calculator home prices maximize your home's value best places to retire money 101 loan center real estate tips gallery archive main fortune small business 100 small cap investing - top 50 ultimate resource guide top schools for entrepreneurs 5 best bosses which states love small biz? top 10 states for taxes 12 top business plans 8 tiny firms that play big 100 fastest-growing techs small business startups main best companies to work for best places to live america's hottest jobs fortune 500 global 500 fortune 500 archive best places to retire 20 great cos. for new grads 50 most powerful women best cars 2006 most admired companies 100 top mba employers 100 fastest-growing cos. top 80 best jobs top companies for leaders sivy 70: best stocks money 70: best funds boom towns 100 fastest-growing techs 101 dumbest moments fortune small business 100 50 small-cap stock picks partnercenter tax writers to irs: we promise amt fixleaders of senate and house tax committees promise they'll get an amt patch passed by the end of the year and urge the irs 'to plan for those changes.'by jeanne sahadi, cnnmoney.com senior writeroctober 31 2007: 4:44 pm edtnew york (cnnmoney.com) -- with just days to go before the irs starts printing its 2007 tax forms, top tax writers on the hill promised a temporary fix to the alternative minimum tax (amt) by year-end.last week, the irs warned that if congress does not act by early november, up to 50 million taxpayers could see serious delays in the processing of their returns and their refunds when they file their 2007 taxes. tax-friendly places 2007 top tax-friendly states top tax-friendly cities state by state rankings congress has been considering passing a one-year "patch" that would prevent the amt from hitting roughly 21 million new taxpayers this tax season. having to pay the amt - a tax originally intended for the very wealthy - automatically means a higher tax bill. the average increase for those 21 million filers would be $2,000 unless a patch is passed, according to treasury department estimates.congress is considering a patch that would temporarily increase amt income exemption levels and allow for certain personal credits normally disallowed in computing amt liability. in a letter dated oct. 30, top members of the senate finance committee and house ways and means committee said that they anticipate the exemption levels for 2007 would be $44,350 for individual filers and $66,250 for married couples filing jointly.without a patch, the 2007 exemption amounts would be 33,750 for individual filers and $45,000 for joint filers.the higher the exemption level, the less likely you'll be subject to amt, because the exemption level represents that part of your income that will be shielded from consideration when you calculate your amt liability.how to pay for amt reform is a major sticking point among democrats and republicans. amt produces significant tax revenue for the government and a patch that shields people means that that revenue won't be collected. the estimated hit over 10 years: $50 billion. on thursday, the house ways and means committee will take up a bill calling for a temporary amt fix introduced by its chairman, charlie rangel (d-ny). that bill also calls for one-year extensions on over 30 different tax breaks. the total cost of the patch plus those breaks exceeds $70 billion.whether or not the irs will add a note to its 2007 forms reflecting the lawmakers' promise this week is unclear, since a promise is not legally binding and no single lawmaker can ever guarantee passage of a law. and a promise can't prevent the delays the irs predicts will occur if lawmakers can't get a patch signed into law in the next week or so.in letter to the leadership of the house ways and means and senate finance committees on wednesday, the irs said it still estimates "that enactment of an amt patch in december could delay processing of returns for as many as 50 million taxpayers and could delay issuance of approximately $75 billion in refunds." tax break tug-of-war on tap giant tax overhaul bill unveiled amt: if congress waits, refunds to be delayed save | email | print | | reprint more taxes buffett: tax my kin, please wall street braces for higher tax rates muni bond tax break at risk the hot liststrategies for a scary marketciti's writedowns: when did it know?make money in 2008: the outlook   top storiesbig rally on wall streetcleveland: foreclosure disastergas prices hit working classwal-mart's black friday dealswarren buffett: tax my kin, please special offer:   • home • portfolio • calculators • contact us • newsletters • podcasts • rss • mobile • press center • site map • advertise with us • magazine customer service • download fortune lists • reprints • career opportunities • special sections • conferences • business leader council * : time reflects local markets trading time. † - intraday data delayed 15 minutes for nasdaq, and 20 minutes for other exchanges. • disclaimer © 2007 cable news network. a time warner company all rights reserved.• terms under which this service is provided to you. • privacy policy

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