Federal Government Shutdown Creates Tax Filing Uncertainty
Despite the government shutdown the IRS has announced they will begin to process tax returns beginning January 28,2019 and provide refunds to taxpayers as scheduled. Currently, the IRS is working with a reduced staff but has recently communicated that they will be recalling a significant portion of its workforce. Taxpayers and tax professionals will be facing reduced services, such as certain transcript requests and general telephone assistance.
The 2018 tax year is the first year impacted by the Tax Cuts and Jobs Act, which is the most significant change to the income tax code in thirty years. The new law not only changed a large amount of tax forms but also introduced new concepts and computations.
Despite the shutdown tax deadlines remain unchanged. Fourth quarter estimated taxes are still due on January 15, 2019. The filing deadline to submit 2018 tax returns is Monday, April 15, 2019.
We will continue to prepare income tax returns as normal with the anticipation of releasing returns for e-filing as soon as possible. If you have any questions, please feel free to contact us.