how will government shutdown affect income tax returns?
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The short and simple answer is that the shutdown will not affect your tax refund. You can expect to receive your refund according to the same refund schedule. ... In fact, for the month leading up to tax season, the IRS recalled some furloughed employees (still without pay) to have them prepare for tax season.
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Shutdowns cause the disruption of government services and programs, including the closure of national parks and institutions (in particular, due to shortages of federal employees). ... Shutdowns also cause a significant reduction in economic growth (depending on the length of the shutdown).
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The short answer: Despite previous concerns, the Trump administration is trying to ensure tax returns and refunds aren't noticeably affected by the shutdown — calling back IRS employees to make sure all the paperwork and filings are processed. ... But there's some uncertainty, especially as the shutdown drags on.
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A furloughed employee may also take unemployment benefits for their time without pay. Since unemployment is paid by states, not the federal government, it will not suffer a budgetary lapse in the case of a federal government shutdown.
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The good news is that the shutdown has not currently affected your eligibility to qualify for any new federal financial aid. This would include any Federal Pell Grant, FSEOG, or Direct student loans. That specific pot of money is still flowing. ... So yes, your student loan payments are still due.
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Tax refunds will go out even if the government shutdown extends into filing season, the Internal Revenue Service said late Monday, and the agency will start accepting tax returns on Jan. ... The IRS plans to recall a “significant portion” of workers who have been furloughed during the shutdown to process tax returns.
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Federal staff will not be available to assist grantees during the government shutdown. Therefore, requests about grants awarded on a reimbursement basis for withdrawing funds or otherwise restricted cannot not be processed until after government operations resume. Does the shutdown affect NIH application deadlines?
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However, as the government shutdown continues, that may no longer remain the case. Impact on FAFSA and Federal Student Aid Call Centers Currently, there is no impact to filing the FASFA for financial aid purposes as the government has been fully funded for the 2019 year.
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“It seems extremely unlikely a government shutdown will have an impact, especially as the issue likely gets resolved before most people will receive their W2s,” he said. ... About 12.5% of the agency's workers are still on the job, but the IRS won't process refunds until the shutdown ends, the Wall Street Journal reported.
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Jan. 28 update: The IRS has reopened following the end of the government shutdown and is working to resume normal operations. Today, the IRS also successfully opened the 2019 filing season for taxpayers. The IRS will be doing everything it can to have a smooth tax season and minimize the impact on taxpayers.
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Government workers affected by the shutdown Though most student loan borrowers aren't impacted by the shutdown, those who belong to the group of government workers that are furloughed and not receiving a paycheck may be struggling to make their monthly payments.
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The IRS is open during the shutdown, even though most employees are not getting paid. In fact, the agency has said that the shutdown will not affect when tax-filing season begins. ... That's not the date when taxes are due in 2019, mind you. January 28 is simply the day that the IRS will begin processing tax returns.
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VA benefits remain available during the government shutdown, but there are certain benefits that happen to be at peak processing times coinciding with the federal budget trouble in Washington D.C., and other benefits that are directly affected by a furloughed veteran's ability to make payments on VA home loans, etc.
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The good news is that the shutdown has not currently affected your eligibility to qualify for any new federal financial aid. This would include any Federal Pell Grant, FSEOG, or Direct student loans. That specific pot of money is still flowing.
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That means many of those who have been furloughed and have an obligation to make child support payments will not be receiving a paycheck during the partial government shutdown, which means they will most likely not be able to make child support payments or will make only partial payments.
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Federal employees who take unemployment benefits during the shutdown will have to pay them back. ... As the government shutdown continues and federal workers face the possibility of another missed paycheck, many may file for unemployment benefits to help cover housing costs, groceries and other necessities.
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The good news is that the shutdown has not currently affected your eligibility to qualify for any new federal financial aid. This would include any Federal Pell Grant, FSEOG, or Direct student loans. ... So you can still make all of your student loan payments and receive customer service if you have questions.