HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS
HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS http://MisterSmartyPants.com CLICK HERE PLEASE :) The Internal Revenue Service headquarters in Washington. Andrew Caballero-Reynolds | AFP | Getty Images The Internal Revenue Service headquarters in Washington. As the partial shutdown of the federal government hits the two-week mark, a new worry has emerged: the possibility that some tax refunds may be delayed. Congress and President Donald Trump have been in a standoff over HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS! for a border wall, while about 800,000 federal employees are furloughed or working without pay. The House, now led by Democrats, passed legislation Thursday night to end the shutdown; the president, however, could still veto it even if the Senate acts to approve it. Right now, about 12 percent of IRS staff are expected to continue working through a shutdown, according to the agency's plan, which means certain functions such as answering taxpayer questions would be curtailed. The IRS is still working on contingencies if the shutdown continues. That makes this a stressful time for accountants — and their clients. "The October 2013 shutdown caused a lot of angst for practitioners," said Edward Karl, vice president of taxation for the American Institute of CPAs. That shutdown took place from Oct. 1 to Oct. 17 – right in the heart of the 2013 tax extension filing season. "If there were some issue and you needed to contact the IRS, you couldn't get them," Karl said. "There were many folks concerned about that." Here's what you need to know about the HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS shutdown's potential impact on your taxes. A spokesman for the IRS would not speculate on how long the shutdown would have to last in order to result in a delay of refunds. However, millions of taxpayers tend to be early birds and submit their returns as soon as they can. Households might need the refunds to help pay off remaining holiday debt or just to bolster their savings. Last year, the IRS kicked off the filing season on Jan. 29. By the end of that week — Feb. 2 — the HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS! taxman received 18.3 million returns and processed 6.1 million refunds, with an average refund of $2,035. In all, the IRS received 154.4 million returns by Nov. 23 of last year, the most recent date available, and issued an average refund of $2,899. Providers of tax prep services say they are ready to receive early bird returns. "Filers can prepare their tax returns now and beginning Jan. 4, TurboTax will securely store completed returns for transmission to the IRS and states once they begin accepting e-file," TurboTax said in a statement. The company, along with others, also offers refund advances – short-term loans that you can receive within days of the IRS accepting your return. You would then use your tax refund proceeds to pay off the loan. • HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOU... SUGGESTED GOOGLE ARTICLES Federal shutdown means tax refunds may be delayed - CNBC.com https://www.cnbc.com/.../what-the-fed... 2 days ago - That means there's a possibility that tax refunds may be delayed and it ... Congress and President Donald Trump have been in a standoff ... A spokesman for the IRS would not speculate on how long the shutdown would have ... Millions face delayed tax refunds, cuts to food stamps as White House ... https://www.washingtonpost.com/...tax.... 2 days ago - The Trump administration, which had not anticipated a long-term shutdown, recognized only this week the breadth of the potential impact, ... Shutdown causing chaos at IRS -- and may delay tax refunds https://www.cbsnews.com › MoneyWatch › Money 2 days ago - The agency is not issuing refunds, updating tax forms or answering phone help lines, ... Trumps says shutdown could last for months or years HOW THE GOVERNMENT SHUTDOWN MAY AFFECT YOUR TAX RETURNS AND REFUNDS
