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Will Government Shutdown Affect Tax Refunds?

By Ken Berry, J.D., CPA Practice Advisor Tax Correspondent On Jan 16, 2019
Source: https://www.cpapracticeadvisor.com/news/12440133/will-government-shutdown-affect-tax-refunds

*Updated 10:01 am, ET, Jan. 16. 2019.*

Tax refunds may not be going out on time after all.

As the government shutdown approaches a full month—it’s already the longest in history—more doubt is creeping in as to whether a reduced staff at the IRS will be able to process returns and issue refunds in a timely manner. What’s more, as this is being written, there’s no end in sight to the stalemate.

When the IRS announced that tax filing season would kick off on January 28, it also stated that the shutdown wouldn’t delay tax refunds due to early filers. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown,” said IRS commissioner Chuck Rettig. The proclamation was made in accordance with directives from the White House.

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IRS REMINDER

Deadline Dec. 31 for most retirees who must make required retirement plan distributions

IR-2018-248, December 11, 2018

WASHINGTON — The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.

The payments, called required minimum distributions (RMDs), are normally made by the end of the year. Those who reached age 70½ during 2018 are covered by a special rule that allows them to wait until April 1, 2019, to take their first RMDs.

This means that those born after June 30, 1947, and before July 1, 1948, are eligible for this special rule for 2018. If they wait until early 2019 to take that first RMD (up until April 1, 2019), it can be counted toward their 2018 RMD, but is still taxable in 2019.
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Exciting developments happening this summer!

Dear Valued Client,

Exciting developments happening this summer!

We are pleased to announce that Davis CPA and Associates, LLC is merging with Sharon L. Nagy, CPA Inc. effective July 1, 2018. We can’t wait for our clients to meet the new team and see our new location. The new practice will be known as Davis, Nagy & Company LLC and the new location will be 1270 S. Cleveland-Massillon Rd. Bldg. A Ste. 110, Copley, OH 44321.

Davis CPA and Associates, LLC brings over 53 combined years of public and private accounting and tax knowledge. Davis CPA has distinguished the service they provide to their clients by going beyond what is considered to be the “typical” CPA role.  Clients have learned to rely on the firm for their individual and business tax, payroll, and business consulting needs. Davis CPA and Associates, LLC currently has two team members, Kathy Davis, CPA and Ken Gillette. Kathy’s area of expertise is tax and business planning, while Ken’s focus is financial business planning and payroll services.
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