Get Your Taxes Filed Before Another Government Shutdown
Don’t think of April 15th as your tax deadline.
Not this year. The sooner you file your taxes, the better. That’s because, come February 15th, the government could be shut down again if POTUS doesn’t get the budget for the wall he so desperately wants to build.
That subject is not in my wheel-house so I’ll keep this discussion to taxes and the need to get yours filed as quickly as possible, especially if you think you’ll be getting a refund. Even if you are expecting a refund, with the changes made in last year’s Tax Cuts and Jobs Act, you may be getting much less than you expect. You might even discover that you won’t be getting a refund and that you owe taxes this year.
Owe the IRS, But Can’t Pay?
If you find that you do owe taxes as a result of the Tax Cuts and Jobs Act and cannot pay, there is some talk of penalty relief for taxpayers who didn’t get around to adjusting their withholding and estimated tax payments last year after the changes in the Tax Cuts and Jobs Act. The IRS has agreed to provide some penalty relief, but according to members of the AICPA, it isn’t enough, and many taxpayers are going to find themselves in trouble. According to Taxprotoday.com, “the AICPA also wants the IRS to give businesses and tax-exempt organizations relief from underpayment and late payment penalties.”
As a reminder, if you owe back taxes don’t think of a government shutdown as some kind of reprieve. It definitely is not. If you owe back taxes for several years, you’ll be doing yourself a favor to give our offices a call and let us help you deal with the IRS. Whether the government is shut down or not, you must pay your taxes. We can help you work with the IRS to negotiate a plan that will help you set yourself straight with them.