Tax refunds for 2007 will be delayed by up to 7 weeks. Hey baby, you don’t mind, do you?

Tax refunds will be delayed at the start of 2008 because of late passage of the Temporary Tax Relief Act of 2007, which Congress was apparently too busy to pass until now. President Bush is expected to sign the Act that extends the current AMT thresholds with a temporary one year “patch.”

Because this legislation comes so late in the year, e-filing and paper processing of tax returns for everyone may not start until February.

Some IRS instruction manuals will have to be redone because they are now outdated. IRS computers will have to be reprogrammed.

Twelve IRS forms are affected by the AMT including those for child and dependent care credits.

The resulting delay in refunds could be up to seven weeks. It is estimated that a postponement of tax refunds for 15 million taxpayers, including lower and middle class taxpayers who normally file for early refunds, is very possible.

What exactly this really means, I don’t know… but it can’t be good.