Looking forward to your tax refund this year? Don't hold your breath. The IRS suffers after extreme budget cuts.
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Heavily stricken with budget cuts and new tax-related laws, the IRS considers implementing its own temporary shutdown.
Highlights
Catholic Online (https://www.catholic.org)
12/19/2014 (1 decade ago)
Published in U.S.
Keywords: IRS, tax, taxes, budget cuts, budget, furlough, refund, returns
LOS ANGELES, CA (Catholic Online) - Congress has recently cut the IRS budget by $346 million. The IRS' budget has been cut a total of $1 billion since 2010, according to POLITICO.
Despite the new tax season brewing on the forefront, the IRS was one of the only agencies to receive cuts this year.
Buy something worthwhile with your tax refund this year
"It's not just the $350 million cut in the budget; it's the fact that we have $250 million in new expenses for a government-wide pay raise... So we really have a $600 million hole this year," said John Koskinen, IRS Commissioner.
On top of the mandated one percent federal employee increase, the IRS will begin enforcing Obamacare tax credits and penalties for the first time.
"The IRS is required to enforce the new law, so other areas will have to be cut, including tax payer services and enforcement," Koskinen explained.
According to Koskinen, forced unpaid days off, known as furloughs, is one idea unwillingly being tossed about to save money.
"People call it furloughs; I view it as: Are we going to have to shut the place down? And at this point, that will be the last thing we do, . but there is no way we can say right now that that wont happen," expressed Koskinen. "Again, I would stress that would be the last option."
Each closed day could end up saving the agency $29 million.
The looming furloughs and brutal budget cuts are moves that could impact millions; there could be a lag in refunds being processed.
"Everybody's return will get processed," Koskinen explained. "But people have gotten very used to being able to file their return and quickly getting a refund. This year we may not have the resources, the people to provide refunds as quickly as we have in the past."
Although refunds will still be returned, the time-period for when it will happen remains unknown.
"There is no more fat to cut at the IRS," expressed Koskinen.
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