Government Shut Down, Tax Changes and Delayed Tax Refunds

Government Shut Down, Tax Changes and Delayed Tax Refunds


– Hey, tax season is upon us,
the government is shut down. Were you wondering if you’re
gonna get a tax refund or not? We’re gonna talk about
it on the other side. (soft electronic tones) Hello everybody, I’m Camari Ellis. I’m an investment and tax advisor, and my YouTube channel
is all about wealth, taxes, investment, small
business, real estate, anything about generating
wealth, generating money, we talk about it here on this channel. Again if you’re new
here, please subscribe, hit the subscribe button
and the little bell below. So if you haven’t been following or been under a rock somewhere, the federal government has been shut down since December 21st. Today is December 29th
when I’m recording this, so we’ve been shut down
approximately about eight days. This whole shutdown is a result of President Trump’s big
push for this border wall, supposedly to stymie or shut down or slow down bad immigration. And many of those in Congress
have a dispute over this wall and the five billion
dollars that President Trump wants to spend on this wall. Really interesting, crazy dynamic. In my opinion, it’s a real non-issue that
they’re fighting over. In my opinion, the way President
Trump describes immigration is not a bigger problem as it is for everyday American people, especially the almost 700,000 people that are being affected
by this government layoff. So I wanna read from a list right now of all the things that
are kinda being shut down, because there’s so many things that I can’t keep them
on the top of my head. So the EPA, the Environmental
Protection Agency, is shut down. Alright? 380,000 federal employees
have been furloughed so far. 420,000 federal employees
are working without pay, people like the TSA
screeners and Border Patrol. Alright? The IRS is closed, so that brings us to the
gist of this whole video. Okay? And Social Security is
running about half speed. Now don’t worry, if you or a loved one is
getting Social Security, they will still get their checks. That portion of government
is still funded. So don’t worry. But, but, the IRS still
has partial funding, but they are certain thing, they are only funding for certain things, certain key official things. Alright? So I wanna read from this
article, this Forbes article. Kelly Phillips is a contributing writer for Forbes, Forbes Magazine. Actually I believe she’s right
outta Philly where I am too. Never met her, but she writes wonderful articles
about tax, everything tax. I will put a link in the
article below as well. But Kelly reports, one, that
the IRS had a contingency plan if this shutdown lasted
more than five days. Well guess what, we have passed
the five day service, right? And so the IRS has funding
for certain things. Okay, so Kelly reports this
in her article in Forbes. During a shutdown, agencies are allowed to perform activities that
are supported by the funding that doesn’t expire at
the end of the fiscal year as well as other
activities that are either expressly permitted under
the law or deemed necessary. Sometimes those activities
cross over, for example, Social Security payments
are funded outside of an annual appropriation, so those employees will continue to work as well as those IRS
employees who support them, even though IRS funding
is typically not outside of annual appropriations. The law also allows for
activities necessary to safeguard human life or
protect government property. You might not think of your tax return as a matter of life or death, but the government begs to differ. Alright? So I’m gonna read a
partial list of functions that directly impact taxpayers
and will typically be put on hold during a government shutdown. Alright? No tax refunds issued, no processing of non-disaster
relief transcripts, no processing of forms
1040x and amended returns, no non-automated collections,
no audit or examinations, some exemptions apply,
right, for the bad guys, no legal counsel, no call
center during non-filing season. So we’re already experiencing this now. Many of the folks who
prepare taxes, like myself, are having a hard time
getting through to the IRS. They do have partial support,
but for the most part, the IRS is shut down. So what led me to do this is
the other day I did a video on Instagram and Facebook
saying that if you are waiting for your tax refund,
there’s a possibility, a strong possibility,
that it will be delayed. Who knows how long this
skirmish in Washington is gonna go on between Donald
Trump and the Democrats? I don’t know, only the crystal ball and the tea leaves understand that. But a lotta people, I
know this for a fact, a lotta people budget or
expect to get their tax refund. They plan things around it,
vacations, shopping, clothing, all types of things, they plan around getting their tax refund. So if you are planning on using
your tax refund to help you live everyday life, you
might wanna rethink that. You might wanna re-budget, you might want to not expect it at all. You know, so again, due to
this government shutdown, tax refunds will probably be delayed. So here’s another caveat,
something for you to think about. Even though the IRS has
funding to keep many things, many of the essential things running, one of them being the new tax law changes, the Tax Jobs and Creation
Act, will still be put forth. But here’s the thing, I don’t think any of those
things will be in place by the time the end of January comes, or at least they’ll be delayed, and there could be some
hiccups in the process. So again, between the tax law changes and the government shutdown, I believe that tax
refunds will be delayed, who knows when, but they’ll be delayed. So again, if you rely on your tax refund, revisit your budget, plan around that, don’t expect it basically. I don’t know for how long,
but just keep that in mind. Alright? But listen, I also doing
this video because the person who’s really pushing this
inspirating this, the President, is in place because citizens of the United States voted for him. So for many of you who
say voting doesn’t matter, this shows you how voting matters. So if you have any questions
about IRS, tax law, drop any comments below. Hopefully this shutdown won’t last long, but all we can do is wait and see. Alright? Camari Ellis out, I’ll see you all soon. Have a productive and profitable day. (soft electronic tones)

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7 thoughts on “Government Shut Down, Tax Changes and Delayed Tax Refunds

  1. The one thing we should keep in mind is that the threat if a delay in taxes is a scare tactic played on is every year. This president is uniquely clownish but this shutdown game has been going on.

  2. It's not about the IRS it's about the bankers and the banks everything is coming to a stop! America as you know it will be no more. Sorry but you're going to lose all your equity and your retirement plans. Hope for the best but prepare for the worst.!!!

  3. I'm more concerned for my 401k I was always taught "Don't count money you don't have" So I live within my means and have no debt but I understand everyone doesn't live by that philosophy so I hope they have a plan B.

  4. Hello, this just changed, both Trump and Pelosi are making sure there is no delay by opening up that part of the gov’t

  5. I'm tired of people BITCHING ABOUT the shutdown…. blame the Democrats the people asked for a wall give them a damn wall… the mass majority mind you who pay taxes deserve something they ask for 6 billion is piddelence give the people what they want

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