The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Just in time for tax season, the IRS is calling furloughed workers back to the office.
The federal agency sent out its updated contingency plan on Tuesday, amid the partial government shutdown that has gone on for more than three weeks.
More than 46,000 IRS employees will return to work. This represents about 57 percent of the agency's total workforce. The IRS has been subject to a furlough since Dec. 22.
The tax filing season is set to kick off on Jan. 28, and the IRS said it will provide refunds to eligible filers. However, the agency is operating with a reduced workforce, and its operations will be limited.
For instance, there's no live customer service via phone right now, but the agency will add workers to take your calls in the coming days, the IRS said. You should expect longer wait times.
Further, Taxpayer Assistance Centers — locations where you can seek help from the IRS in person — are closed. That makes things complicated for individuals who need to visit an IRS office to establish their identity in the event of identity theft.
Given these potential hiccups, you should submit your return as early as you can.
Millions of taxpayers submit their returns as soon as possible. These households often need their refunds to either reduce remaining holiday debt or boost their savings.
In 2018, the IRS opened season on Jan. 29.
By Feb. 2 — the end of that week — the agency received 18.3 million returns and processed 6.1 million refunds, with an average refund check of $2,035.
In all, the IRS received 154.4 million returns by Nov. 23 of last year, the most recent date available, and issued an average refund of $2,899.
"People shouldn't have to wait to get money back that's theirs," said Jeffrey Levine, CPA and director of financial planning at BluePrint Wealth Alliance in Garden City, New York.
"It's not their fault that the government is dysfunctional and shut down," he said
The shutdown is taking place at a busy time for the IRS, accountants and filers.
This filing season marks the first under the Tax Cuts and Jobs Act — an overhaul of the tax code that went into effect at the beginning of 2018.
Last year, the new tax code roughly doubled the standard deduction to $12,000 for singles and $24,000 for married couples filing jointly. The law also limited a number of itemized deductions, including placing a $10,000 limit on the amount of state and local taxes filers can deduct.
You will also be dealing with new tax forms, as the Form 1040 has been shrunken to the size of a postcard. You will still need to work through pages of schedules to calculate other tax breaks.
More from Personal Finance
IRS confirms tax season will start Jan. 28, despite government shutdown
Do-it-yourself online filers may need to ask for some help this tax season
The shutdown won't give you any reprieve from this Jan. 15 tax deadline