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IRS: Open for Business Once Again

IRS: Open for Business Once Again

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After a 35 day shutdown, the IRS has once again opened its doors to taxpayers and tax professionals alike. While this comes as a relief to many who were worried about their refunds, it doesn’t come without complications. The agreement was that employees of the IRS would receive pay for 3 weeks with the hope that a compromise can be made regarding the capital budgeting, before the end of the window.

What does being open mean for the IRS?
The tax courts will resume reviewing cases, tax professionals can call in to request transcripts, and taxpayers can call to get their questions answered.

What does being closed for over a month and reopening mean for the IRS?

Delays. While closed, the IRS continued to receive communications via mail since all phone communications were closed. This backlog, on top of the current state of their staffing and tax season officially being open, could take months to sort out.

What does this mean for Price Kong clients?
Patience and cooperation. We ask that our clients please remain patient as we all navigate these hurdles put in front of us. We also ask for your cooperation in getting your returns filed as soon as possible so as to avoid potential penalties due to the IRS’s backlog. Tax season may be in full swing but there is no telling what the status will be as we get closer to April 15th.

About the Author

Alison received her undergraduate and graduate degrees in Accounting from California State University, San Bernardino in 2017. She is currently sitting for the CPA exam. Since joining the firm in January of 2018 she has gained experience working with various industries including but not limited to medical/dental and construction.