How Will the Government Shutdown Affect My Tax Refund?
The government shutdown may affect how quickly tax refunds are available.
As many know, on December 22, 2018, a partial government shutdown was mandated. The International Revenue Service (IRS) is just one of the many federal agencies affected by the shutdown. As a taxpayer, it’s only natural to be concerned about how this will affect filing season and the time it takes for your refund to be processed. Here are a few things you should know:
IRS Assistance On Hold
All IRS offices are closed, despite around 12% of IRS staff still working without pay. This means that all tax payment and filing remain in effect and you still must file by the deadline, however, the IRS will not be providing assistance to taxpayers until the government resumes normal operations. This may cause complications, especially due to the significant changes to tax laws and many new tax regulations in effect for 2018 as a result of the Tax Cuts and Jobs Act, which was signed into law by the President in 2017.
Electronic Filing Start Date Scheduled for January 28!
Electronic filing opens January 28, 2019. Don’t procrastinate; get your tax documents ready for filing.
Possible Refund Delays
The IRS has not made it clear whether refunds will be processed and paid out during the shutdown. Taxpayers may experience a delay due to the IRS’ contingency plan for government shutdowns classification of “issuing refunds” as a “non-excepted activity,” meaning that processing refund payments is not essential. However, other IRS officials have stated that refunds will be paid despite a lapse of appropriations.
Contact Your Taxation Specialists at Alron Taxes, Inc.
While the government shutdown is likely to affect you this tax season, you still must file and pay your taxes by the regular deadline. The complexities brought on by the new tax regulations this year are all the more reason to trust our taxation specialists here at Alron for filing. Let us handle the hard work of filing your taxes, and if you have any questions or would like to speak to one of our tax professionals and find out more, we welcome you to reach out to us today.