If you claimed an ERC refund or PPP loan forgiveness, the IRS may soon audit your business. Learn what can trigger PPP or ERC audits & how to prepare.
If you have been waiting to file your taxes due to the government shutdown, now is the time! As of January 28, 2019, the IRS is accepting returns and issuing refunds but tax experts are urging people to file this week due to the possibility of another government shutdown on February 15, 2019. You can utilize the IRS website for any further questions or concerns you may have. Unfortunately, no live person assistance will be available through phone or through appointment. It’s likely that there will be at least a week’s delay from what taxpayers are used to. We are bracing for one of the most chaotic tax seasons in three decades. This year, just over 70,000 permanent agency employees will be processing an estimated 155 million returns.
If you have a scheduled appointment related to an examination or audit, you should assume that these meetings are canceled during the length of the shutdown. Once the IRS opens again, they will reschedule meetings.
Taxpayers who have submitted applications or requested determinations for tax-exempt or pension plans will have to wait. These will not be processed until after the shutdown.
The IRS will not be conducting audits during this time, no collection activity will generally occur, except for the automated collection activity. You should still keep an eye out for letters. Automated initial contact letters for audits, as well as for automated collection notices, will still be sent out.
If this tax season you find you have a tax problem, Call Lothamer and see how we can set you free! (877) 472-0021
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