A Federal Issue on a Local Level: The Government Shutdown and Your Taxes

As of January 9, 2019, the government shutdown has lasted for over two weeks. As tax season is near, there are a few things that you should anticipate:

1. W-2 and 1099-MISC forms must still be sent to employees or contractors by January 31st.

2. There may be a delay in the processing of your federal income tax returns. This does not mean, however, that you should delay the filing of your tax return. Tax day is still April 15th. You will be penalized for failure to file if the government were to still be shut down by April 15th. 

3. There may be a delay in the receipt of your refund. What does this mean for you? PLAN, PLAN, PLAN! If you anticipated receiving a refund to pay for anything from necessities to luxuries, your refund will (most likely) not be issued during the shutdown.

While we aren’t quite sure the next steps the government will take, your next step as a tax paying citizen should be clear: file your 2018 tax return by April 15th.

Happy Tax Planning!