Government shutdown could hinder speed of tax refund

Americans may find themselves missing an agency they usually love to hate if the government shutdown persists the Internal Revenue Service

Despite the shutdown, the IRS can still process some tax returns that include payments, the Wall Street Journal report said.

"One is that during the shutdown they won't release refunds, so even if you file your tax return until the government reopens, they won't issue you your refunds".

"The unknown. The unknown of when the IRS is going to start accepting tax returns, when the government is going to open back up, when can we expect our refund", said tax adviser Marlena Curtis. -Mexican border. As a result, about 800,000 federal workers have been unpaid due to the closure of about a quarter of the federal government.

The partial government shutdown may significantly delay tax refunds from the IRS. The government will take your money but it can't do refunds during a shutdown.

The likelihood of this delay shouldn't stop you from filing early through.

More news: The Whiteboard: The Chicago Bulls got a good return for Justin Holiday

This partial government shutdown, which began December 22, means that impacted federal employees are either furloughed or working without pay, although once a deal is reached those working without pay now will be paid retroactively. An analysis by UBS estimated an overall increase of $42 billion to $66 billion in tax refunds this year over 2017.

As the government remains closed, worry spreads about what this means for us, the taxpayers. As the IRS's contingency plan noted, the law's implementation "requires creating or revising hundreds of tax products including worksheets and tax forms, form instructions and publications as well as changes to current IRS policies and procedures".

There's a big caveat to all of this: The longer the shutdown goes on for, the worse the problems will get.

But if a deal isn't reached anytime soon, those who need the refund the most are the most likely to be affected.

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