Thursday, January 11, 2007

Late tax break revival shouldn't have big impact

The IRS printed forms before the last-minute changes, but electronic processing will avoid that issue. BY JERRY SIEBENMARK The Wichita Eagle Changes to federal tax rules last month could affect the processing of some businesses tax returns this year. But because so many returns are now being filed electronically, tax break extensions included in the federal Tax Relief and Health Care Act of 2006 should minimize the impact. The act, signed into law in late December, included a number of business tax breaks that were set to expire but were revived. Trouble is, the federal tax forms were printed before those breaks were approved by Congress and signed into law by President Bush. The IRS said the late changes will have the greatest impact on individual filers but an "even smaller number of business taxpayers." The biggest effect on business taxpayers will be slower processing of their returns in January and early February, the IRS said.

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