With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28. Considering both of these items, a source in the agency is estimating that it could take the IRS as long as 18 months to recover and get back to their normal processing times.
However, the IRS did announce that tax refunds will not be delayed. They expect to issue nine out of ten refunds in 21 days or less. However, with this being the first year with the new tax law implemented some returns may require additional review. It is also important to note that by law refunds for returns that claim the Earned Income Tax Credit and the Additional Child Tax Credit will not be issued until February 15 at the earliest. This applies to the entire refund and not just the portion that applies to the Earned Income Tax Credit or the Additional Child Tax Credit. For more information contact us in one of our many locations.
You're Invited! Annual Not-For-Profit Accounting Update
Thursday, September 26, 2019
Hosted at Detroit Historical Museum
Middle Market Manufacturing Outlook
Wednesday, October 23
Hosted at the Detriot Athletic Club
7:30 AM - 11:30 AM