The IRS officially opened tax-filing today amid changes from the One Big Beautiful Bill Act, staffing and budget cuts at the agency, and the threat of a possible government shutdown later this week. The Service said it expects approximately 164 million individual tax returns to be filed before the tax deadline on Wednesday, April 15th.
Administration officials are predicting larger refunds this year as a result of the OBBBA’s tax cuts, and the decision not to change withholding tables last year.
Last year, the average tax refund averaged $3,004 according to IRS Statistics. An analysis by the Tax Foundation is predicting that the average refund will be between $300 and $1,000 larger compared to a typical year, depending on the taxpayer’s individual circumstances.
Please keep in mind that the IRS is no longer issuing paper checks for refunds. You will now need to provide a bank routing and account number so that a direct deposit can be sent to your bank account.
Let me leave you with this…
Refunds are going to take forever this year. Over 25% of their staff has been cut in the past twelve months not counting the 9% haircut they’re about to receive given the latest funding bill.
Don’t even begin to waste your time trying to call the 800 number. If you are lucky enough to get through, go out and buy a lottery ticket.
After the killing of another Minneapolis resident over the weekend by Immigration and Customs Enforcement agents, Senate Democrats are threatening to hold up funding for ICE and the Department of Homeland Security without changes in ICE’s policies. That could mean another government shutdown on the heels of the 43-day government shutdown last fall that halted most IRS Operations.
If this does happen, please don’t think for half a heartbeat that you won’t need to file your income tax returns in a timely manner. They’re still going to want your money in full and by the original deadline.
As always, if you’re having any difficulties with your accounting and tax work, I’m waiting for you to contact me.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
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