With political battles in full swing, the government's closure has become somewhat of a bargaining chip. And while we're not here to pontificate on the political atmosphere at large, we would like to bring some facts to light that could have an impact on your finances as we start the new year.
First day to file
The IRS finally announced that it would begin to accept tax returns for the 2018 tax year on January 28, 2019. We were under the impression that the IRS already knew the start date, but had furloughed the person responsible for updating the website and their Twitter account. Fortunately, they brought that person back (at least temporarily).
The Impact
Even though the IRS is operating on a skeleton crew, your taxes still need to be filed and paid for by the April 17th deadline. However, if you're owed a refund, your refund will likely be delayed. This is because the IRS does not prioritize the issuance of refunds when it is operating on a limited budget and with a limited number of employees.
Early estimates indicate that the IRS will be accepting tax returns in early February. However, this is unconfirmed and subject to change as circumstances evolve.
