How the Government Shutdown Could Impact Your Tax Return
The first filing season under the Tax Cuts and Jobs Act (TCJA) set to begin Monday, January 28 is being further complicated by the longest government shutdown in history. With only about 60% of IRS employees working during the shutdown and TCJA training on hold, many taxpayers are worried about the potential problems when it comes time for individuals and businesses to file taxes.
Will Tax Refunds be Delayed?
Though the majority of retained IRS workers are working with the promise of back pay when the government reopens, the IRS has made clear that taxpayers will be able to submit tax returns online or via mail and get their refunds even if the shutdown continues. There is a concern with the number of workers the IRS has retained, which could cause delays in processing refunds. It’s still unclear how long taxpayers will wait for refunds, but the IRS’s contingency plan ensures all refunds will be processed.
We’re keeping an eye on the government shutdown and potential impacts on tax filings and tax reform. Contact an Anders advisor to find out how your tax return will be impacted by the shutdown. Visit our Tax Reform Resource Center for information regarding the resources on how the tax reform will impact you, your family and your business, videos and blog posts on numerous changes under the TCJA.