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Budget Negotiations Will Delay 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. That’s up from a November estimate, in which he told lawmakers that around 60 million taxpayers might have trouble filing.

Most taxpayers wouldn’t be able to file their returns until at least the end of March, Miller said.

Source: Politico. Read full article. (link)

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