As the impact of the government shutdown grows larger, you may have hoped that the IRS would close too. Unfortunately, we have no such luck! The IRS will begin accepting and processing tax individual returns for the 2019 season on January 28th. Many IRS employees have been furloughed, along with non-essential staff at most government agencies. However, some staff will be recalled as we head into tax season. The IRS has confirmed that they can issue refunds during a shutdown.
The Tax Cuts and Jobs Act (TCJA) implemented some of the biggest changes to the tax code that we’ve seen in decades. What remains to be seen is the impact on processing time as the IRS potentially deals with reduced staff and increased compliance issues with the new tax laws. We will keep you informed as more information becomes available.