SOURCE: 2nd Story Software, Inc.

December 28, 2007 13:03 ET

AMT Tax Exemption Increased -- Processing of Some Tax Returns Delayed

Get Your Tax Refund as Fast as Possible With TaxACT® E-File

CEDAR RAPIDS, IA--(Marketwire - December 28, 2007) - The day before adjourning for Winter Break, Congress passed another one year fix -- averting higher taxes for the majority of middle-income America facing the dreaded Alternative Minimum Tax (AMT).

Given this last minute change, the 2007 tax season will start on time for everyone except for a small portion of taxpayers. Taxpayers who utilize 5 credit forms will be delayed. The IRS has targeted Feb. 11 as the potential processing date for taxpayers impacted by the following 5 credit forms:

--  Form 8863 - Education Credits
--  Form 5695 - Residential Energy Credits
--  Form 1040-A, Schedule 2 - Child and Dependent Care Credit
--  Form 8396 - Mortgage Interest Credit
--  Form 8859 - District of Columbia First-Time Homebuyer Credit

Advice for This Tax Season: Use E-file

The IRS has made all revised forms associated with the AMT available to tax professionals and software companies who produce and support software and online services.

TaxACT believes that the best advice taxpayers can follow this year is to find out early if the AMT affects you and regardless if AMT affects you or not, use e-file. Those who submit their IRS return electronically will still fair better because; returns received electronically will be processed faster as the IRS works to process the backlog of returns.

"We encourage our customers who use e-file to enter their tax data into TaxACT® and submit their electronic return as they would normally -- TaxACT is current and up-to-date. As soon as the IRS begins accepting returns, TaxACT returns will be processed. TaxACT customers can rest easy knowing no other method will help them to get a faster tax refund -- in as few as 8 days,"(1) says Stephanie Behrends, spokeswoman for 2nd Story Software, Inc. -- makers of the popular tax program, TaxACT.

"Those who e-file their tax return also receive 'Proof of Filing' which is an acknowledgement issued to the filer reflecting when the IRS received and accepted the return. Conversely, if an error is detected, the IRS can communicate the problem fast -- even pinpointing the location of the error in the tax return."

To get a clear picture of the AMT's impact on your return or for more information regarding TaxACT, visit today and starting your free Standard tax return.

About TaxACT

As a trusted and secure source for tax preparation and electronic filing services for millions of taxpayers, is the only Web-based tax planning and preparation solution to offer taxpayers a year-round solution.

TaxACT is the pioneer of totally free federal tax preparation software and online services. Dedicated to providing consumers with a complete Web-based tax resource for a decade, is the 2nd most visited online destination for tax preparation services.(2) Designed to make preparing taxes electronically possible for everyone for little to no-cost, TaxACT was the first to offer free federal electronic tax preparation, printing and electronic filing services directly to all American taxpayers.

About 2nd Story Software, Inc.

2nd Story Software, a privately held company founded in 1998, is critically acclaimed as being a leader in developing and marketing affordable tax preparation software and Web-based services directly to consumers. The comprehensive suite of TaxACT products continues to empower its users to devise well-informed tax strategies with ease, while looking out for the cost-conscious. More information regarding 2nd Story and the TaxACT product line may be found by visiting

(1) In general, the IRS estimates it takes 8-15 days for taxpayers who use e-file and direct deposit to receive their federal tax refund from an accepted tax return. Some IRS processing delays may occur for tax year 2007. (2) According to collective week end-reports released by Hitwise™ during the 2004, 2005, 2006 primary tax seasons, TaxACT Online ranked second in the percentage of traffic it received as compared to other monitored Web-based tax preparation services. More information regarding Hitwise may be viewed by visiting

2nd Story Software, Inc., company and product logos, TaxACT and TaxACT Online, among others, are registered trademarks of 2nd Story Software. Other party trademarks or service marks are the property of their respective owners and should be treated as such.

As a practical note, taxpayers are encouraged to consult a legal or tax professional if in doubt. TaxACT provides general guidance and not legal or specific tax advice.

Contact Information

  • Contact Information:
    Stephanie Behrends
    Public Relations Manager
    2nd Story Software, Inc.
    (319) 373-3600
    Email Contact