Government shutdown and what it means for tax season
It is that time of year again. It’s tax season!
With the IRS/ Government currently, this tax season is a little bit different than years in the past. Here at PCS, we have gotten many questions such as “do I still have to file my taxes?”, “will I still get my refund?”, “are the file dates the same?”. To make sure you are taken care of we wanted to take some time to go over what this shutdown means for you come tax time.
With the government shutdown continuing with no end in sight, here are some things that you should know.
- You will still need to file your tax returns on the expected filing due date. If you have an S-Corp, Partnership, C-Corp, or LLC taxed as an S-Corp, your tax returns are due on March 15. We will still need that information by February 15 at the latest to meet the March 15 filing deadline. If you have a single member LLC and a personal tax return, the dealing is April 15. We will still need all your tax information by March 15 at the latest to meet the April 15 deadline.
- The IRS currently is not making any live support available during the furlough. Meaning, that we are not able to get any IRS agents on the phone during this time for any support calls.
- In past years the IRS has generally processed tax refunds in 10 business days from the date the tax return was accepted. However, with the furlough and shutdown there may be delays in processing tax refunds.
- If your return is rejected by the automated e-file system and needs an IRS employee to review your tax return prior to acceptance, there is a possibility that it will take additional time to process your return(s) and issue any refunds.
- During the shutdown the IRS is not processing any manually filed tax forms. For example, FORMS 2553, 8832, SS4 or any tax forms that are faxed or mailed to the IRS are not being processed at this time. Only forms being submitted through online automated IRS portals are being processed as they do not have an IRS employee processing those forms.
We know that this government shutdown is a huge pain. If you have any questions about your personal or business taxes, please do not hesitate to contact us. Just request a consultation and we can answer any questions that you might have. PCS has got you covered for your business and personal tax filing needs!