FYI: With The Government Shutdown, You Won’t Get Your Tax Refund
Not only are over 800,000 federal employees out of their jobs while the shutdown of the government continues, but it is also likely going to delay billions of us from getting our income tax refunds.
According to Fortune, "The Internal Revenue Service will continue to process tax returns, regardless of the ongoing budget fight in Washington." However, when it comes to them issuing refunds, that’s not going to happen until the government completely reopens.
Last year, the IRS issued $12.6 billion in refunds by February 2nd. Two weeks later, the total hit $101.2 billion. And by March 30th, 73 million households had received $212 billion in refunds.That's a LOT of money that will be delayed to us this year.
What makes it worse? Our tax refund is expected to to be 26% GREATER for 2019. So- even more money delayed.
There's only one positive thing about this whole thing (and I wouldn't even necessarily say it's positive-) The IRS is allowed to bring in more workers as tax season approaches, which potentially means our refunds could get here faster when the agency actually starts sending them. Also, the IRS typically doesn’t conduct audits during a shutdown.
Overall though, what a bummer, right?
[WALL STREET JOURNAL]