AICPA Creates Q&A Page to Help Practitioners During Shutdown
by Terri Eyden on
By Jason Bramwell
The American Institute of CPAs (AICPA) has created a questions-and-answers page on the tax section portion of its website to help practitioners working to complete tax returns during the federal government shutdown.
On the web page, which is current as of October 1, the AICPA has listed sixteen questions with answers about the government shutdown and how it will impact the IRS, tax practitioners, and taxpayers.
Because Congress failed to reach an agreement on government funding legislation, the federal government officially shut down at midnight eastern time on October 1. As a result, more than 85,000 IRS employees are now furloughed, halting the majority of services at the IRS.
In preparation for a possible shutdown, the IRS on September 26 released a shutdown contingency plan that describes agency actions and activities for up to five business days during the shutdown. If the shutdown lasts longer than five business days, the deputy commissioner for operations support will reassess IRS activities and make any needed adjustments to personnel.
According to the contingency plan, the following activities will cease during the shutdown:
- Audit activities
- Operation of taxpayer services and centers
- Operation of the Practitioner Priority Service
- Processing of paper returns that do not require remittance
However, the October 15 deadline given to many of the more than twelve million taxpayers who requested an automatic six-month extension from the IRS to file their 2012 tax returns and make payments will not be affected by the shutdown.
According to the AICPA, the closure of taxpayer and practitioner hotlines is particularly challenging for those individuals who must file a Form 1040 by October 15 and need to contact the IRS. The plan does authorize several functions to continue, including the following:
- Processing electronic returns
- Building security
- Certain computer operations
- Criminal law enforcement
- Protection of bankruptcy, lien, and seizure cases
Guidance from the AICPA is subject to change as additional information on the shutdown is received.
You may like these other stories...
Lois Lerner isn’t a Superwoman, but she’s showing at least as much resilience as Lois Lane.A new report released on March 11 by the House Committee on Oversight and Government Reform, one of several government...
Each tax-filing season poses different challenges for small business owners – from understanding the new tax laws and regulations to preparing new forms and disclosures.But according to Kevin Anderson and Doug Bekker,...
In Denver, state legislators are probably thinking, "Why didn't we think of this earlier?" The state of Colorado's retail marijuana sales (separate from medical marijuana sales) in January alone generated...
Upcoming CPE Webinars
BAR is an acronym for: Boundaries, Authority and Role. This simple tool will provide participants with a solid understanding of leadership essentials to improve their performance.
This material is designed to provide a start-to-finish overview of how to plan and complete high-quality small audits efficiently.
In this session Excel expert David H. Ringstrom, CPA shares numerous techniques that you can use to work with charts more efficiently.
Key Accounting and Reporting Issues for Nonprofits No. 1: Overview and Statement of Financial Position
This material focuses on non-profit organizations organization, accounting and reporting.