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What you need to know about the IRS and the Government Shutdown


Tax filing season is almost in full swing and it is becoming even more important to stay proactive as the government shutdown continues.

Today's post reviews two things to keep in mind as the end of January approaches.

IRS WILL PROCESS RETURNS AS SCHEDULED DESPITE GOVERNMENT SHUTDOWN

In our blog last week, we mentioned that the government shutdown could cause a delay in your tax return. However, we have good news because that is no longer the case.

On January 7th, the IRS confirmed on its website that tax filing will begin on January 28th as usual and that your tax returns will be issued as scheduled.

IRS employees who have not been working through the shutdown will be asked to return on January 28th to process your returns, regardless of whether the government reopens. Those employees won't be paid until the government reopens. The real question remains: Will they show up to work?

DEADLINE APPROACHING FOR W-2s &1099s

Don't forget: W-2s and 1099s are due on January 31st. This due date has not changed as a result of the government shutdown.

As a review, a W-2 reports taxable income of those employed by corporations and small businesses. This is what most individuals will receive on a year to year basis. A 1099 reports payment made to unincorporated individuals that earn more than $600. 1099 recipients or independent contractors are responsible for paying their own taxes through quarterly estimated payments or at year end.

Upload your paperwork right into our client portal as soon as you receive your forms. The client portal is the fastest way to get your documents to us. If you have not created your profile yet, we advise you to do so as soon as possible.

Final Thoughts

The government shutdown has created a lot of uncertainty for the future.

But, do not worry. You still have control over how quickly you file and how organized you can be. Now is the time to really focus in on staying on top of your finances and returns. This will set you up for success.

We understand this can be an intimidating time, but we are here to help. Give us a call!


Chris Boyer

The government is open! (for now). How is the IRS ...
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