IRS Contingency for Impending Government Shutdown
Audio version available here:
Length: approx. 1 min. 20 sec.
As the September 30th deadline for a new government spending plan grows closer, many fear what a shutdown could spell for the Internal Revenue Service. The National Treasury Employees Union has confirmed that the IRS would close during a shutdown, meaning that those with tax filings due by the October 16th extension deadline could miss their filing date.
The IRS previously stated that it could use funds from the Inflation Reduction Act of 2022 to remain open in the event of a shutdown, however, the NTEU admitted to IRS employees that the IRS would be “severely limited” in attempting to use those funds to continue operations. The reasoning for this is unclear, as a now-archived page of the IRS’ fiscal 2023 contingency plan for a government shutdown cited Inflation Reduction Act funds as a means to stay operational. In any case, the looming government shutdown could spell trouble for taxpayers.
Until the IRS Commissioner Danny Werfel receives guidance from the Treasury and the Office of Management and Budget, taxpayers should prepare for an IRS closure. That could mean a delay in refund processing for those who choose to file their tax returns around this time. If you have more questions, we recommend that you consult with a tax professional, like XQ CPA, for help.
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
Did you know? XQ CPA and OneSelfClub are giving away $10,000 to a select business through our video contest! Find out how to enter at www.oneselfclub.com.