News 

The IRS will begin accepting tax returns in less than a week, despite the longest-running government shutdown in US history

“The IRS will begin accepting tax returns in less than a week, despite the longest-running government shutdown in US history” writes Tanza Loudenback for businessinsider.com. The IRS previously announced it would begin accepting tax returns on January 28 for the 2019 tax filing season.Read more: The IRS will still accept tax returns during the partial government shutdown.In order to submit your tax return, you first need a W-2 form, or Wage and Tax Statement, from every employer you had during 2018. Source: businessinsider.com

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Crypto News 

Chilean Taxpayers Must Report Cryptocurrency Profits to Chilean IRS: Local Media

“Chilean taxpayers must report their cryptocurrency profits to the Chilean Internal Revenue Service (SII), Spanish crypto media Diario Bitcoin reports on Jan. 17” writes Adrian Zmudzinski for cointelegraph.com. The SII reportedly decreed in 2018 that digital currencies weren’t subject to Value Added Tax (VAT), but should still be considered when calculating annual income tax, as they fall into the definition of intangible assets.Because of this consideration, the dedicated income tax form 22 will reportedly include — for the first time — a special section dedicated to “other own and/or third-party…

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News Stocks 

Americans take stock of shutdown’s everyday effects

“You and your loved ones aren’t federal employees or contractors, and you don’t live in a setting or have a job closely tied to government programs” writes Jennifer Peltz for sun-sentinel.com. After enduring past shutdowns as a federal worker, Atlanta retiree David Swan hoped he wouldn’t feel the effects of this one.To be sure, inspectors don’t normally examine every morsel Americans eat, and plenty of food is safe. Source: sun-sentinel.com

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News 

Some Fresno IRS employees return to work without pay

“Photo by Frank Lopez Hundreds of IRS employees in the Fresno area were called back to the job today to work without pay during the partial government shutdown” reports thebusinessjournal.com. They join about 46,000 employees — nearly 60 percent of the national IRS workforce — returning to work to handle tax returns and pay out refunds.There are about 6,000 IRS employees in the Fresno area.Angered over employees having to work without pay, the National Treasury Employee Union representing IRS staff sued in federal court last week to challenge any such agency action…

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News 

IRS says it will issue tax refunds, but not audit, during shutdown

“In a reversal of past practice, the agency will issue tax refunds even if the partial government shutdown continues” writes Richard Rubin for marketwatch.com. The IRS had been planning a significant surge in employees to prepare for and operate the first tax filing season under the 2018 tax law.WASHINGTON—More than half of Internal Revenue Service employees will work during the coming tax-filing season, the Treasury Department said Tuesday.The agency will begin accepting individual tax returns Jan. 28.The plan dated Jan. 15 calls for 46,052 employees to work during the partial…

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News 

IRS to bring back more than half of workforce as tax season gears up

“The Trump administration has not said whether the shutdown will cause it to postpone the tax filing season, which is expected to be particularly complicated this year because of the new GOP tax law” writes Reporter For Wonkblog for washingtonpost.com. Bringing back workers is necessary to “maintain the integrity of the federal tax collection process,” the Treasury Department said in its updated shutdown plan released Tuesday.The IRS’s new plan for the shutdown calls for keeping 46,000 IRS employees on the job during filing season, meaning that close to 60 percent…

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News 

Yes, you still need to pay your student loans during the shutdown

“The Department of Education remains fully funded, which means its contractors are still collecting student loan payments and the agency is still dispersing grants and federal student loans” writes Jillian Berman for marketwatch.com. Here’s what you need to know: Perhaps the most important thing that borrowers who are repaying their student loans should know is that the shutdown doesn’t affect their student loan bills.The Department of Education advises borrowers for whom that’s the case to contact their student loan servicer to discuss their repayment options.Adam Minsky, a Boston-based student loan…

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News Stocks 

H&R Block, Intuit shares gain ground after IRS confirms refunds will be paid despite shutdown

“H&R Block Inc.’s stock HRB, +0.73% tacked on 0.1% and TurboTax parent Intuit Inc. shares INTU, +1.82% gained 0.7%” writes Reporter Editor for marketwatch.com. The IRS confirmed late Monday that it will start processing tax returns on Jan. 28 and provide refunds as scheduled.Shares of tax preparation companies edged higher in midday trade Tuesday, despite the Internal Revenue Service’s announcement that it would pay refunds as scheduled during the partial government shutdown.BMO Capital analyst Jeffrey Silber said that is a relatively late start to tax season compared with prior years,…

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News 

IRS will pay tax refunds during shutdown, official says

“In previous shutdown contingency plans, the IRS would accept tax returns during the filing season, but refunds would be delayed until the government was funded” writes Laura Davison for sun-sentinel.com. Within the first week of the 2018 filing season, more than 18.3 million people claimed about $12.6 billion in refunds.Republicans are under pressure this filing season to show taxpayers how they benefit under the new tax law. Source: sun-sentinel.com

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News 

IRS to issue tax refunds during partial government shutdown, White House says

“Americans can expect to get tax refunds during the partial government shutdown after all, following a decision by the White House Office of Management and Budget” writes Robert Schroeder for marketwatch.com. Before the decision, the IRS said it would continue to accept tax returns and tax payments, but would not issue refunds during the shutdown. Source: marketwatch.com

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