The government is shut down — what does that mean for the IRS?

The government partially shut down on October 1. We’ll leave the finer points of the shutdown to other sources, but the following is a list of how the shutdown might affect you and your business.

–The government may be shut down, but the underlying tax law remains in effect. This means that all deadlines and due dates are still effective. Yes, that means extended individual tax returns are still due today!

–All individuals and businesses should continue to file their tax returns and making any payments to the IRS.

–The IRS will accept and process all tax returns with payments, but will be unable to issue refunds.

–Have a question? It will have to wait, as no live telephone customer service is available and walk-in taxpayer assistance centers are closed.

–The good news? Most audits are on hold. This includes appointments with IRS personnel. If you have an appointment, it will be rescheduled for a later date.

–Automated IRS notices will continue to be mailed. If you receive a notice during the shutdown (or really, any time), contact your tax professional to discuss the best way to proceed with the notice.

Hopefully the government will be up and running again soon, but in the meantime, your best bet is to continue business as usual. In other words, keep calm and call your CPA!

In accordance with IRS Circular 230, this newsletter is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose.

On October 15, 2013, posted in: Tax & Accounting Tips by