The IRS can not process taxes if the government is still shut down; which means you may not see your tax refund as soon as previous years. Only about 1 out of 8 IRS workers work during the shutdown.
If the shutdown is resolved within a few weeks, it may not affect tax payers.
According to CNN, the IRS has yet to announce when people can begin submitting their tax returns, but "any gap in individuals not receiving money they're owed will put pressure on President Trump and lawmakers to strike a deal quickly".
"The commissioner's going to have to make a call: What does this mean for the beginning of the filing season?" said Mark Mazur, who was the top Treasury tax-policy official under President Barack Obama.
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Speaking on CNN's "State of the Union", Intelligence Committee Chairman Adam Schiff called the idea a "nonstarter". Those bills aren't even being considered in the Senate, as the president has said he wouldn't touch them.
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That spells trouble for companies that rely on China's enormous market to boost their global sales. And revenue from consumption tax was down 72 percent in November from a year ago, Balding said.
And, more broadly, the remaining 12.5 percent of IRS employees still working are mostly those classified as serving "in the protection of life and property". "Versus a person who doesn't owe the IRS and is expecting a refund, they won't be getting a refund".
In addition, there is a new 1040 form this year because of the new tax law that was passed just more than a year ago. Tax refunds of more than $140 billion will either be freezed or delayed for about forty million Americans.
If you own a small business and pay quarterly tax estimates, consider applying your refund to tax year 2019 rather than having cash returned to you.
Westchester CPA Andrew Kabatchnick says get ready for a "roller coaster tax season". Taxpayers can still file with TurboTax, she said, but the company will simply store their information until the government re-opens, at which point they will transmit it.