• Latest
  • Trending
  • All
  • Market Updates
  • Cryptocurrency
  • Blockchain
  • Investing
  • Commodities
  • Personal Finance
  • Technology
  • Business
  • Real Estate
  • Finance
How IRS layoffs could impact tax filings and refunds this season

How IRS layoffs could impact tax filings and refunds this season

February 21, 2025

Stocks making the biggest premarket moves: KHC, PEP, BIIB, SIG

September 2, 2025
investingLive Americas FX news wrap: Core PCE in line, Alibaba develops new AI chips

investingLive European FX news wrap: UK 30yr yield jumps to a new cycle high

September 2, 2025
Japanese AI SaaS Startup LayerX Raises $100 Million In Series B

Japanese AI SaaS Startup LayerX Raises $100 Million In Series B

September 2, 2025
Bunni DEX Exploited for $2.3M After Liquidity Rebalancing Flaw

Bunni DEX Exploited for $2.3M After Liquidity Rebalancing Flaw

September 2, 2025
My favorite projector from Samsung doubles as a gaming hub, and it’s discounted for Labor Day

My favorite projector from Samsung doubles as a gaming hub, and it’s discounted for Labor Day

September 2, 2025
The 20+ best Labor Day deals live now: Last chance to save on Roborock, Bose, and more

The 20+ best Labor Day deals live now: Last chance to save on Roborock, Bose, and more

September 2, 2025
Soft Manager – Trading Ideas – 5 August 2025

Burning Grid Monthly Report – 08/2025 – Analytics & Forecasts – 2 September 2025

September 2, 2025
ECB's Schnabel: I do not see a reason for a further rate cut

ECB's Schnabel: I do not see a reason for a further rate cut

September 2, 2025
Metaplanet’s 20K BTC holdings vs. sliding stocks: Where is sentiment headed?

Metaplanet’s 20K BTC holdings vs. sliding stocks: Where is sentiment headed?

September 2, 2025
I’m a CFP and personal finance reporter. How I plan for open enrollment

I’m a CFP and personal finance reporter. How I plan for open enrollment

September 2, 2025
EU Watchdog Warns Tokenized Stocks Could Mislead Investors: Report

EU Watchdog Warns Tokenized Stocks Could Mislead Investors: Report

September 2, 2025
Ethereum To Sunset Biggest Testnet Holešky Soon

Ethereum To Sunset Biggest Testnet Holešky Soon

September 2, 2025
Tuesday, September 2, 2025
No Result
View All Result
InvestorNewsToday.com
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech
InvestorNewsToday.com
No Result
View All Result
Home Personal Finance

How IRS layoffs could impact tax filings and refunds this season

by Investor News Today
February 21, 2025
in Personal Finance
0
How IRS layoffs could impact tax filings and refunds this season
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Vithun Khamsong | Second | Getty Pictures

Hundreds of IRS staff are expected to lose their jobs as Elon Musk’s Department of Government Efficiency, or DOGE, continues widespread cuts to federal spending. 

The transfer comes roughly three weeks for the reason that opening of tax season and will impression hundreds of thousands of taxpayers who will file earlier than the April 15 deadline, consultants say.

Extra from Private Finance:
Converting your home to a rental could trigger taxes when you sell, advisor says
Top-rated charities are in jeopardy amid White House, DOGE cuts to foreign aid
A 20% S&P 500 ‘three-peat’ is unlikely in 2025, market strategist says

IRS funding has been focused by Republican lawmakers since former President Joe Biden approved $80 billion for the company through the Inflation Discount Act, or IRA, in 2022.

The IRS layoffs have focused probationary staff with lower than one 12 months of service — or longer in some instances. There have been an estimated 15,000 probationary employees on the company, many who have been employed through IRA funds, in keeping with a lawsuit filed by the Nationwide Treasury Staff Union and others on Feb. 12.

An estimated 6,000 to 7,000 IRS staff could also be impacted, in keeping with reporting from CBS News and the Associated Press.

The U.S. Division of the Treasury did not reply to CNBC’s request to verify these numbers.

These mid-season staffing cuts might considerably impression filers, consultants warn. So, with main IRS adjustments underway, listed below are some key issues to know.

‘You could not discover a change’

Senate Finance Committee Democrats on Tuesday warned that IRS staffing cuts would trigger a “tax refund prepare wreck.” Tax consultants, nevertheless, say submitting an correct, digital return ought to keep away from any such points. 

“When you’ve got an excellent submission, it’s possible you’ll not discover any change,” stated Tom O’Saben, an enrolled agent and director of tax content material and authorities relations on the Nationwide Affiliation of Tax Professionals.

Sometimes, it takes 21 days for the IRS to course of an e-filed tax return. However that timeline could possibly be longer for “corrections or further evaluate,” in keeping with the company.

Lowered staffing might make processing longer if there’s a difficulty together with your return, consultants say.

The IRS system might flag your return for incorrect private particulars or missing information, which might require contact with the company for help, O’Saben stated.

“We’ve not seen any service delays but,” he stated. “However we will. It is simply going to be a actuality with much less folks.”   

File quickly when you’re anticipating a refund

In the event you anticipate a tax refund and have all the proper kinds, “get that return in as rapidly as attainable,” stated San Diego-based tax lawyer Adam Brewer.

“Even when the staffing cuts do not impression course of, there’s the potential for a government shutdown subsequent month” as lawmakers debate spending negotiations, he stated. “That may compound issues.”

Error-free, electronically filed returns will not be impacted by a authorities shutdown. However there could possibly be additional delays if there’s a difficulty together with your submitting, consultants say.

Sometimes, one of the best ways to hurry up your refund is by submitting electronically and selecting direct deposit to your cost, in keeping with the IRS.

You’ll be able to test the status of your refund through the company’s “Where’s My Refund?” software or the IRS2Go app.

Future of CFPB: Here's what's at stake



Source link

Tags: FilingsImpactIRSlayoffsrefundsSeasontax
Share196Tweet123
Previous Post

46 Fun Things To Do For Free With Friends

Next Post

Bitcoin ETFs See Institutional Ownership Multiply 55x In Less Than A Year

Investor News Today

Investor News Today

Next Post
Bitcoin ETFs See Institutional Ownership Multiply 55x In Less Than A Year

Bitcoin ETFs See Institutional Ownership Multiply 55x In Less Than A Year

  • Trending
  • Comments
  • Latest
The human harbor: Navigating identity and meaning in the AI age

The human harbor: Navigating identity and meaning in the AI age

July 14, 2025
Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

February 5, 2025
Niels Troost has a staggering story to tell about how he got sanctioned

Niels Troost has a staggering story to tell about how he got sanctioned

December 14, 2024
Private equity groups prepare to offload Ensemble Health for up to $12bn

Private equity groups prepare to offload Ensemble Health for up to $12bn

May 16, 2025
Why America’s economy is soaring ahead of its rivals

Why America’s economy is soaring ahead of its rivals

0
Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

0
Nato chief Mark Rutte’s warning to Trump

Nato chief Mark Rutte’s warning to Trump

0
Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

0

Stocks making the biggest premarket moves: KHC, PEP, BIIB, SIG

September 2, 2025
investingLive Americas FX news wrap: Core PCE in line, Alibaba develops new AI chips

investingLive European FX news wrap: UK 30yr yield jumps to a new cycle high

September 2, 2025
Japanese AI SaaS Startup LayerX Raises $100 Million In Series B

Japanese AI SaaS Startup LayerX Raises $100 Million In Series B

September 2, 2025
Bunni DEX Exploited for $2.3M After Liquidity Rebalancing Flaw

Bunni DEX Exploited for $2.3M After Liquidity Rebalancing Flaw

September 2, 2025

Live Prices

© 2024 Investor News Today

No Result
View All Result
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech

© 2024 Investor News Today