For those of you who plan to file your 2014 tax return timely so that you can get your refund promptly, you should probably postpone your shopping spree.
According to article by Stephen Ohlemacher of Associate Press, Congress again passed a tax bill this year just before shutting down for the holidays, extending more than 50 temporary tax breaks that had expired. Although this is good news for the taxpayers as to the extension of the tax breaks, the late passage is likely to delay the processing of tax returns and any refund.
Congress also cut the IRS budget by $346 million, $1.2 billion less than the agency received in 2010. Like everything else in life, there is good news and there is bad news. The good news is that due to the cut in IRS funding, there are fewer IRS agents auditing and enforcing the tax code. The bad news is, the refund is likely to be delayed.
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