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...
AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...
Many accountants struggle with payroll, either because they have too much of it or they don't want to do any of it. Either way, they are at odds with the needs of their business clients. Most clients are looking for a...
Hertz and Icahn make peaceThere won’t be any nasty, protracted proxy battle between Hertz Global Holdings and activist investor Carl Icahn. The rental car chain agreed last Thursday to give Icahn – who has...
Upcoming CPE Webinars
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.