In their latest newsletter, here’s what Anderson Business Advisors had to say about the new tax laws:

IRS Will Have to Reprogram Computers to Account for the New Laws

After much debate and haggling, Congress passed a series of bills to create an AMT patch, to give debt forgiveness relief for beleaguered homeowners who endured foreclosures, to continue the mortgage insurance deduction and to give widowed spouses more time to sell their homes under the joint-filers' $500,000 gain exclusion.

The result of the tax law changes: the IRS will be scrambling to reprogram its computers to take into account all of the changes as the tax filing season gets underway. Estimates of 10 weeks have been given, so early filers may be facing a wait.