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Fiscal Cliff Threatens IRS Refunds

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  • Description

    FBN's Liz MacDonald on how the Fiscal Cliff could impact tax-refunds.

  • Duration 2:06
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This transcript is automatically generated

You rich.

Well congress is now being warned that the longer it takes for a debt crisis solution we're paying for tax payers coming next year and Liz MacDonald was here with.

Yeah that's right don't necessarily IRS is telling Fox Business that every day there is in action on expiring tax breaks a greater the sense of urgency at the IRS.

And they IRS oversight board the -- -- is telling Fox Business it continues to communicate.

About the urgency of the situation to congress and it -- authorities -- high level warnings to both the senate finance and house Ways and Means Committee.

About the rest of taxpayers -- -- the fiscal cliff.

And the in action now on certain tax breaks that are expiring by the end of the year here's what they're selling.

Congress that more than sixty million that's about a half -- -- the US taxpayers would have to wait until late march or later.

To file their tax returns and receive a refund.

There are also warning that 28 million.

Taxpayers and many of them middle class families but face a very large and unexpected tax liability.

Due to the expiration of the AMT patch the alternative minimum tax patch that congress has basically renewed every year and he had a renewed it yet.

The IRS is telling Fox Business it is holding off on reprogramming.

Its computers.

Waiting for congress to make a move in the fiscal clip negotiations.

On these expiring tax breaks the tax patch for the AMT.

And also deductions that are -- for things like -- certain tuition costs.

As for teacher expenses so -- that we're talking about is 213 billion dollars in refund checks may not go out in the first quarter.

Average check is about 2800 bucks.

With the payroll tax cut expiring and on top of that you know economists could feared that a recession -- -- -- could kick in.

In the first quarter so whether they -- in and then do this.

Sooner rather than later remains to be seen will be followed in this when getting back to that breaking news on the back -- -- All right thanks very much Liz MacDonald -- like one big mass.

But we got a fiscal -- survival kit for --

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