The Internal Revenue Service Oversight Board has sent a letter to the leaders of the Senate Finance Committee saying it is "gravely concerned about the serious risks to the 2008 filing season" if legislation to change the alternative minimum tax is delayed much longer.

In a letter to committee chairman Max Baucus, D-Mont., and ranking Republican member Charles Grassley, R-Iowa, the board said, "a delay threatens the IRS' ability to process returns and issue refunds in a timely manner and imposes significant burdens on taxpayers. Moreover, the more time transpires before legislation is enacted, the more severe the risks become."

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