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Money Management

How Is The Government Shutdown Affecting IRS Refunds?

The government shutdown is now officially the longest in US history, and it is wreaking havoc on several government services. Among many people’s biggest concerns is how exactly this will affect their IRS refunds. Several branches of the IRS have been closed amid the shutdown, but the agency is still running.

During the tax season, customer service is very busy in the government. Normal wait times throughout the year tend to hover around 30 minutes. During tax season, however, the government receives over 95 million calls. If tax season comes around and 90% of the employees you could normally talk to are furloughed, then your refund may not show up for a while. Furthermore, it will be hard to get information for the time being.

So, the good news is that you will receive your IRS refunds. The bad news is they might not come as soon as you expect. The best thing to do right now is to prepare yourself to make the best out of the current situation. Prepare your documents, pull out any old returns, and anticipate changes, as well as long hold times. The process is already going to be slow enough, so it’s best to save yourself the frustration of last minute information-gathering and prepare everything you need now.

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