(NEW YORK) — If you depend on an early tax refund to help pay for large holiday credit card bills you could be out of luck.
The last-minute debate over the fiscal cliff may delay tax refunds in the new year. The IRS is likely to be very busy dealing with changes in the tax code.
“There’s a high possibility that the tax filing season could be further delayed,” says Kathy Pickering, executive director of The Tax Institute at H&R Block. “We’re recommending that people be aware of that.”
“Either if you need to modify your holiday spending or make arrangements to pay bills in February that you would otherwise pay in January,” she says.
Copyright 2012 ABC News Radio
Aaron Smith and Evan Perez, CNM
Magdala Louissaint, KPVI
Kathryn Vasel, CNN