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IRS chief warns of massive delay on tax returns

With fiscal cliff negotiations slowing to a near-halt the IRS is warning that absent a deal, up to two-thirds of U.S. taxpayers will have to wait next year to file their returns.

In a letter to the top House and Senate tax writers from both parties, acting IRS Commissioner Steven Miller said that between 80 million and 100 million taxpayers won’t be able to file on time.

The warning underscores the real-world chaos that would ensue if President Barack Obama and House Speaker John Boehner don’t reach a budget deal by Dec. 31.

The trouble all stems from uncertainty over how Congress might handle the alternative minimum tax.

 

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