February 6, 2019 DESPITE SHUTDOWN, IRS PROCESSING TAX REFUNDS QUICKLY
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. For more information on how your business may be impacted, contact us at WOTC.com.