Tax Delay 2015
UPDATE 12/29/2014. The Tax Delay is over. The IRS have announced the official start to Tax Season 2015. Read more.
With the government shutdown avoided, the 2015 budget has passed the Senate.
I will not bore you with details on the shutdown, but I wanted to let you know how this will affect your tax return and potential tax delays in 2015. The IRS commissioner already admitted that there will be delays in tax returns this year. The amount of time is not specified, but the budget being passed before the Christmas holiday will definitely speed of the process. Tax Delay 2015 links at the bottom.
That is the good news, the bad news is that they have cut the IRS budget by 10% which will mean less government employees processing 2014 tax returns and less employees answering your phone calls. I would estimate this adding a week to the amount of time that it takes for a refund to be processed and a month to dealing with an audit. This is going to make the process much much harder on tax professionals. Tax Delay 2015.
If you are a tax professional, I would prepare customers for this before filing their 2014 tax returns. If you are individual, I would plan on waiting one to two weeks longer for your 2015 tax refund to be direct deposited or mailed.
We at RefundSchedule.com will continue to keep you updated on Tax Delay 2015. We will also keep our 2015 IRS Refund Cycle Chart for 2014 Tax Year updated as things change with tax law and as the IRS makes announcements regarding your 2015 tax refund.
Details on the 2015 government spending budget below, for full article, check out Forbes.com:
Not at all unexpected, the Internal Revenue Service (IRS) was seriously impacted in the budget. The $10.9 billion budget reflects another cut, bringing the dip to 10% since 2010. It’s exactly the scenario IRS Commissioner John Koskinen was hoping to avoid. Just over a third of that budget allows “for necessary expenses… to support taxpayer services and enforcement programs” which includes rents, postage and admin. Funding was also earmarked for business systems modernization but restrictions for technological improvements were tucked into the bill.
Among the directives in the bill, the Commissioner was ordered to “continue to make improvements to the Internal Revenue Service 1–800 help line service” in order to ensure better response times for taxpayers and to “institute and enforce policies and procedures that will safeguard the confidentiality of taxpayer information and protect taxpayers against identity theft.”
Congress also sent some clear warnings to the IRS in response to the tax-exempt organization scandal, Star Trek-gate and other scandals. Among the slaps on the wrist to the agency, the IRS is specifically prohibited from making any videos “unless the Service-Wide Video Editorial Board determines in advance that making the video is appropriate” and conference spending was limited – not that anyone is purporting to micro-manage the agency. Further, none of the funds “may be used by the Internal Revenue Service to target citizens of the United States for exercising any right guaranteed under the First Amendment to the Constitution of the United States” or “target groups for regulatory scrutiny based on their ideological beliefs.”
Tax Delay 2015:
2014 Tax Refunds Will Not Be Delayed Until October 2015
Bare-Minimum Tax Break Plan Won’t Get Senate Changes
Tax Refunds Could be Delayed in 2015