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Sequestration Could Delay Tax Refunds
Fox Business ^ | 02/27/2013 | by Kate Rogers

Posted on 02/28/2013 12:18:59 PM PST by Responsibility2nd

Taxpayers anxiously awaiting a tax refund from Uncle Sam may be waiting a bit longer this year.

The sweeping automatic budget cuts set to take effect March 1 translates to an 8.2% funding cut to the IRS, according to reports, which could force the agency to furlough workers during tax season.

~snip~

And thanks to the fiscal cliff fiasco, the IRS is already behind, says David Selig, federal tax practicioner at Selig & Associates and founder of TrueTaxHelp.com. Tax changes included in the last-minute deal struck by Congress at the start of the year forced the IRS to quickly update its systems.

“Unless a deal is reached, the IRS will furlough the non-essential personnel, and a tax refund is not a high-priority matter” Selig says, “They already aren’t up to speed due to the fiscal cliff, and these problems were complicated further by Obamacare.”

~snip~

Regardless of whether or not sequestration can be averted, Selig says the damage is done.

“We have already wasted hundreds of millions leading up to this,” he says. “Our elected officials are squandering taxpayer dollars.”


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: irs; sequestration; taxrefunds
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More Sequestration drama.
1 posted on 02/28/2013 12:19:11 PM PST by Responsibility2nd
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To: Responsibility2nd
Oh well...everyone needs to learn to get along according to leaner times..

Me and my family are having to do it. It's past time everyone else has to too..

2 posted on 02/28/2013 12:21:36 PM PST by Fedupwithit (You gave him what he wanted. I gave him what he needed.)
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To: Responsibility2nd

Refund? Oh I remember those. That was before I wised up and stopped lending the fascists interest-free money.


3 posted on 02/28/2013 12:22:21 PM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: Responsibility2nd

Yup. More “scaring the old ladies and the mentally weak” BS.


4 posted on 02/28/2013 12:23:35 PM PST by JennysCool (My hypocrisy goes only so far)
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To: Responsibility2nd
I don't want to panic anyone, but sequestration may make your hair fall out.
5 posted on 02/28/2013 12:25:36 PM PST by St_Thomas_Aquinas
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Comment #6 Removed by Moderator

To: JennysCool

and the mentally weak
You mean half the country? I thought so.


7 posted on 02/28/2013 12:25:58 PM PST by Bitsy
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To: Responsibility2nd

I got mine 2 weeks ago...


8 posted on 02/28/2013 12:26:30 PM PST by BreezyDog (Illegitimi non carborundum)
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To: Responsibility2nd

The sequester is apparently the end of the world.


9 posted on 02/28/2013 12:27:05 PM PST by ltc8k6
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To: St_Thomas_Aquinas
I don't want to panic anyone, but sequestration may make your hair fall out.

Too late for me! :-)

10 posted on 02/28/2013 12:27:21 PM PST by OldMissileer
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To: Responsibility2nd

You would think that in this age of computers, and the ability to electronically file simple tax returns online, that there would be NO delay at all!

You would think that as a result of increased computer usage, that they could have, and would have trimmed IRS staff by double digit percentages already!

I have a family member who tried to file taxes as she used to, back at the end of January. She filed them on line at their website and IRS wouldn’t accept it! She’s had to wait all this time just to file an EZ type return, much less receive her rebate which isn’t scheduled to ship out till march..and it’s a direct deposit to boot!

I can understand a human being that slow, but a computer????

I’d like to know what’s REALLY going on :(


11 posted on 02/28/2013 12:28:44 PM PST by PrairieLady2
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To: Responsibility2nd

Hmm ...

Only idiots let the govt have your money for a year at no interest.

So smart people have kept their money, and dumb ones that celebrate a big refund are Obami voters in the first place. Ha ha !

Also those who get the earned income credit are free loaders — ha ha, you can wait as well.


12 posted on 02/28/2013 12:31:08 PM PST by George from New England (escaped CT in 2006, now living north of Tampa)
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To: muir_redwoods

That was before I wised up and stopped lending the fascists interest-free money.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Is there any other kind of money? You tell me where I can safely earn better than .10 percent on a short term basis, and I’ll buy you a steak dinner.


13 posted on 02/28/2013 12:33:06 PM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Responsibility2nd

The commies in government are determined to do everything in their power to hurt "We The People" so that "We" will direct our representatives to bow to the commies' wishes. Not going to happen. I'll take my share of the hurt the commies lay on us. And, I'll direct my representatives to hurt them right back ... two-fold. About d*mn time the conservatives push back.


14 posted on 02/28/2013 12:34:15 PM PST by so_real ( "The Congress of the United States recommends and approves the Holy Bible for use in all schools.")
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To: Responsibility2nd

Most of the people who get big refunds from the Earned Income Tax Credit and refundable child credits file tax returns electronically before the middle of February. They already got their money. The people who actually pay income taxes and are entitled to a refund of their income tax withholding are the ones who will have to wait. The people who don’t pay income taxes get paid first. The people who pay income taxes are at the back of the line.


15 posted on 02/28/2013 12:36:22 PM PST by forgotten man (forgotten man)
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To: Bitsy

Yup. The Democrat constituency.


16 posted on 02/28/2013 12:36:28 PM PST by JennysCool (My hypocrisy goes only so far)
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To: Responsibility2nd

Once Obama got elected I never expected any more “refunds” from the government, well as long as I remain a taxpayer...


17 posted on 02/28/2013 12:37:13 PM PST by GraceG
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To: Responsibility2nd
Well then to be fair I guess they April 15th filing deadline should be extended.
18 posted on 02/28/2013 12:41:58 PM PST by funfan
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To: muir_redwoods
Refund? Oh I remember those. That was before I wised up and stopped lending the fascists interest-free money.

Same here. Got married last year, and my HR rep told me how happy I'd be with the extra money I'd get at tax return time. When I told her I had no intention of receiving a refund and instead upped my witholdings, she looked at me like I'd grown a third eye.

Paying uncle Sam over $3K and his damn $30 "underpayment penalty" as well. I'm quite content with that. I can always budget money out, but predicting a "refund" is futile and stupid. I've known too many people who base their entire summers around a refund. It's just idiotic.

19 posted on 02/28/2013 12:43:32 PM PST by rarestia (It's time to water the Tree of Liberty.)
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To: Responsibility2nd
“Our elected officials are squandering taxpayer dollars.”

Say it ain't so Joe, say it ain't so!

 photo mi6n_zpsfd397e2c.gif
20 posted on 02/28/2013 12:44:20 PM PST by smoothsailing
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To: muir_redwoods

Refund? Oh I remember those.
= = = = = = = = = =
You probably remember the ‘refunds’ like I do.
Possibly you would get 150-200 bucks back but when you stopped to figure out that THEY were using your money, better to owe THEM a couple of bucks than they ‘keep’ .20

However, today’s refunds are HUGE. (Comparitively speaking).

Fortunes are made and the projected ‘refund’ (all you put in + something for your trouble if you are deemed disadvantaged)
Think of the “Daily Judge Shows” where the collateral for thousands of dollars of ‘personal loans’ was the anticipated ‘Get my income tax check’..

This ain’t your grandpas (OR YOURS) IRS....


21 posted on 02/28/2013 12:45:05 PM PST by xrmusn (6/98 "It is virtually impossible to clean the pond as long as the pigs are still crapping in it")
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To: muir_redwoods

I think most “refunds” these days are actually EITCs.
That’s why starting Jan 2nd there is a temporary tax preparer on every block in the ‘hood.


22 posted on 02/28/2013 12:51:49 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: PrairieLady2

“I’d like to know what’s REALLY going on :(”

Our government is bankrupt, in more ways than one.


23 posted on 02/28/2013 12:53:52 PM PST by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
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To: Responsibility2nd

Anyone letting the government use their money interest free is a moron (low information voter)


24 posted on 02/28/2013 12:54:03 PM PST by tom paine 2
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To: PrairieLady2

“I’d like to know what’s REALLY going on :(”

Our government is bankrupt, in more ways than one.


25 posted on 02/28/2013 12:54:28 PM PST by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
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To: funfan

I can’t even file electronically yet... IRS hasn’t finished the programming for the Depreciation and Amortization forms I need to file my 1040.

I still owe, but they won’t see it until April 15th... actually a few days later, depending on how long the mail takes.


26 posted on 02/28/2013 12:55:29 PM PST by So Cal Rocket (Task 1: Accomplished, Task 2: Hold them Accountable!)
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To: Responsibility2nd

Since they are so short-handed, they better push the April 15th deadline out.


27 posted on 02/28/2013 12:57:08 PM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
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To: Responsibility2nd

And how much would be saved if we stopped paying “refunds” to people who pay no taxes?


28 posted on 02/28/2013 12:57:58 PM PST by SampleMan (Feral Humans are the refuse of socialism.)
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To: Responsibility2nd

Good!!!! This is great. So glad that pain will be shared by more than just 880,000. Most FREEPERS say sequestration is a good thing so this should bring some happiness on this thread.


29 posted on 02/28/2013 12:59:59 PM PST by napscoordinator
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To: Responsibility2nd

The dinner sounds great but my point was simply that ANY interest I can get is better than giving it to the fascists. This year I put aside $4000 for tax payment purposes. To enforce a bit of discipline, I put it in a CD at .25%. in 8 months time this has earned me about $6. better with me than with them.


30 posted on 02/28/2013 1:03:12 PM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: SampleMan

27 million recipients of $62 billion.

roughly $2300 each

http://www.eitc.irs.gov/central/abouteitc/


31 posted on 02/28/2013 1:07:28 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: Responsibility2nd

And the mask over the Obama fascism slips a little more.... again.


32 posted on 02/28/2013 1:07:28 PM PST by jeffc (The U.S. media are our enemy)
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To: Responsibility2nd

“Tax refund is not a high priority ...”

LOL. What about processing tax payments. I’ll bet they will find people to do that. I wonder if there are impacts if you file electronically. O would think all of that is automated.

My suggestion to them is to forgo audits if they are short of people.


33 posted on 02/28/2013 1:11:22 PM PST by plain talk
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To: Responsibility2nd

a 2.3% reduction in the already 7% over prior baseline non-existent “budget” is going to do this? Don’t think so— Only if obamaumao decides to cut the IRS which he won’t. No, he will purposely direct to the military and WE should remind the military that is what the “CINC” did to them— how much he values them— that and classifying retired military as potential domestic terrorists DHS list. Never touch the 7-8 “headstart” free breakfasts or whatever the hell else staffs 16 100K federal salaries.

Two things— baseline budgeting and grandstanding of catastrophe. One which HE created to get the damned stimulus- which hasn’t and will never work. Re-distribution don’t ya know.


34 posted on 02/28/2013 1:11:51 PM PST by John S Mosby (Sic Semper Tyrannis)
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To: Responsibility2nd


35 posted on 02/28/2013 1:12:48 PM PST by Iron Munro (I miss America, don't you?)
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To: Responsibility2nd
I don't care about the refunds, it's everything else. Where were we $85 Billion ago? Were we laying off teachers and soldiers and letting illegals go? They're doing this to teach us a lesson. They're going to make damn sure this $85 Billion cut hurts bad, much worse than it has to - so that next time we want to reduce the size of this monstrous government they can say, "Look what happen last time!" This is a fraud. They need to be called out on it.
36 posted on 02/28/2013 1:14:34 PM PST by youngidiot (God help us.)
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To: Responsibility2nd
A delay???? THAT DOES IT!

The GOP needs to compromise w Obama to raises taxes on the wealthy loopholes as he demands so I get my tax refund on time,
actually my tax credit, I dont pay taxes. I need a new Iphone.

This is hitting home now.
No playing around. AHHHHHHH

37 posted on 02/28/2013 1:25:39 PM PST by sickoflibs (Losing to Dems and Obama is not a principle! Its just losing.)
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To: Responsibility2nd
Refunds won't have to be delayed, but they will be delayed.

Similarly, ICE didn't have to cut loose hundreds of illegal immigrants from confinement, but they did cut them loose.

This administration, with Obama at the helm, is intentionally hurting American citizens in an attempt to pin the blame on Republicans.

They are trying to teach us all a lesson about just what happens when the government has to do with less.

They're giving us a good dose of negative reinforcement so we won't expect them to ever again go without what they want from us.

38 posted on 02/28/2013 1:26:38 PM PST by Washi (PUSH BACK! Encourage your legislators to introduce pro-second amendment legislation.)
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To: Responsibility2nd

Refund is already in my bank.


39 posted on 02/28/2013 1:39:19 PM PST by jennychase
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To: Responsibility2nd

No beast need starving like the IRS...


40 posted on 02/28/2013 1:51:28 PM PST by babygene ( .)
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To: Responsibility2nd
"Sequestration Could Delay Tax Refunds"

Ooooohhh, that would be awful! I can't stand it! Please don't!

[Well, okay. Go ahead. It's a deal. But it won't stop the solution: the default process that will result in small government. And friends, don't hand me that silly stuff about funny money being worth something to big government without a large manufacturing base on American soil.]


41 posted on 02/28/2013 1:58:02 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: Responsibility2nd

The gov has a hose into our pockets and it sucks out whatever it wants. When it’s forced to turn the valve a little and reduce the suction, it does everything it can to MAKE US SUFFER. It cuts back on fire protection so our houses will burn and we will crawl back and beg forgiveness, it cuts back on police protection so our stores will be looted and we will promise never again to deny the gov what it demands, it cuts military, benefits to the elderly and tax refunds, it stops filling potholes so we break an axle.
Defy the all powerful gov and this is what you get.


42 posted on 02/28/2013 2:01:47 PM PST by I want the USA back (The liberal elite is a bunch of hypocritical statists who scorn the ordinary people.)
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To: rarestia
Same here. Got married last year, and my HR rep told me how happy I'd be with the extra money I'd get at tax return time. When I told her I had no intention of receiving a refund and instead upped my witholdings, she looked at me like I'd grown a third eye.

Paying uncle Sam over $3K and his damn $30 "underpayment penalty" as well. I'm quite content with that. I can always budget money out, but predicting a "refund" is futile and stupid. I've known too many people who base their entire summers around a refund. It's just idiotic.

I think you meant to say “lowered your withholding”, i.e. had less taken out, or in other words “upped your withholding allowances”. (Sorry as a payroll professional, I just had to correct you – it is a common mistake ; ), )

Be aware however that while owing $3K and paying only a $30 penalty doesn’t seem so bad, you “could” face a $500 civil penalty from the IRS for “purposely falsifying” your W-4 in order to claim more allowances than you were not entitled to claim and while you only paid a $30 penalty at the time you filed, the IRS could come back and charge you interest based on the idea that the U.S. system of taxation is based on a “pay as you go” principle. :(

This would be especially true if for any reason you were not able to pay the $3K by April 15th (not to mention the additional penalties + interest) and even a $1,000 fine and up to a year in jail for intentional and repeated underwithholding.

IRS Penalties for Underwithholding

That and the IRS could also issue a “Lock In” (2800C) letter to your employer if your yearend tax bill is big enough and you owe more than $1K repeatedly, instructing them to withhold only x number of allowances and not allowing you to change your W-4 without a Lock In Release letter to your employer from the IRS. I had that happen recently to an employee who was claiming married and 15 withholding allowances but after the IRS “Lock In” letter I had to change it to single and 0 allowances and despite this employee’s objections and protestations, legally I have no choice and it has to stay that way until I receive a letter from the IRS either changing it or releasing the Lock In all together.

Understanding your 2800C Letter

But I completely agree; purposely planning on and getting a big refund every year is a truly stupid, monumentally stupid idea – it is nothing more than an interest free loan from you to the government. You are much better off having less withheld and instead of spending it each pay, putting it in at minimum, an interest baring savings account or just stuffing it a coffee can for a rainy day or better yet, putting the extra toward paying down any debt.

What you really want to do is neither owe at tax time nor get a refund and get as close as possible to that zero number. Sometimes that means adjusting your W-4 allowances up or down or even having a bit extra taken out for a time, several times during the year or at least once a quarter if necessary given any changes in your tax situation (additional income or a 2nd job, deductible losses, the sale or purchase of a home, marriage, divorce, having children, children no longer your dependents, etc.) in order to get as close to possible to zero liability and zero refund as possible.

There are several tools available for calculating your withholding, among them:

Top 5 Reasons to Adjust Your W-4 Withholding

IRS Withholding Calculator

And if you file your taxes yourself using H&R Block Tax Cut or Turbo Tax, they also have calculators as does “Paycheckcity.com” as do many of the major payroll processing services like ADP and Ceridian if your employer uses one of them and you have access to their “Self Service” site.

So next year, please don’t owe anything more than $1K and preferably much, much less and don’t give the IRS an extra dime in the form of any penalty and don’t get a refund either or at least not much more than the cost of a can of coffee (where you just might be stashing that extra cash ; ), )

43 posted on 02/28/2013 2:13:26 PM PST by MD Expat in PA
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To: Responsibility2nd; All
The exaggerations and threats by Obama need to be countered by the fact that sequesteration was originally Obama's idea!


44 posted on 02/28/2013 2:21:49 PM PST by potlatch
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To: Responsibility2nd

Women and minorities hardest hit, “as usual”.


45 posted on 02/28/2013 2:25:35 PM PST by KStorm (America is either a country with a heritage, or merely a geographical location. Take your pick!)
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To: George from New England

I like how you think, I have never given the gov-mint a year of a an intrest free loan ever.

Those a$$ holes with earned income credits make me hate them and the kids they have produced in order to rape the rest of us who paid our own way!


46 posted on 02/28/2013 2:41:57 PM PST by tiger63
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To: MD Expat in PA

How do I do that with monies withdrawn from my IRA?


47 posted on 02/28/2013 2:57:22 PM PST by Starstruck (I need a 30 round magazine because liberal whine gives me a buzz.)
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To: PrairieLady2
I’d like to know what’s REALLY going on :(

All those computers run programs written by people, and the programs have to be tested and debugged. Changes for 2012 were made for what was expected and then some tax provisions were changed at the last minute.

Waiting a little longer to file is better than having them accept returns before the code is tested.

48 posted on 02/28/2013 3:33:23 PM PST by ken in texas (I was taught to respect my elders but it keeps getting harder to find any.)
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To: Responsibility2nd
Fine. The more of that, the better.

I will owe several thousands of dollars to the fedguv for income taxes on 2012 return and will wait until the last second (10-15-2013 for low-information voters).

I used to pride myself for paying taxes on a timely basis. My father (a lifelong Democrat) always told me "Nobody ever went broke paying taxes".

Screw that. I'm waiting until the last minute before SHTF and I may stop paying the silly bastards altogteher at some point.

49 posted on 02/28/2013 4:11:51 PM PST by elkfersupper ( Member of the Original Defiant Class)
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To: Starstruck
How do I do that with monies withdrawn from my IRA?

I’m not sure I understand your question. Are you asking about the tax penalties on early withdraw from an IRA before the age of 59 ½?

If you withdraw money from your traditional IRA before age 59 ½ you are subject to a 10% penalty in addition to federal and or state income tax or even local income taxes depending on where you live unless certain circumstances apply including but not necessarily limited to a permanent disability, death (there is no penalty to your heirs in that case), non-reimbursed medical expenses, the first time purchase of a home, some higher education costs for you, your spouse or children or medical insurance premiums if you are unemployed. The amount of federal tax withheld along with other considerations, will depend on your tax bracket. The rules for a Roth IRA are a bit different but I am not that familiar with them.

There is also a similar penalty for early withdraw from a 401K. When I left my last job I took a direct distribution from my 401K rather than rolling it over because it wasn’t that much money and even though I paid a 10% penalty and paid federal income tax on it, at the time I had nearly a month between my last paycheck from my previous employer and the 1st from my new employer and still had bills to pay so while not the advisable move in most cases, in my situation it was a necessity.

My expertise (such as it is : ), ) is in payroll and payroll tax compliance and general HR and DOL compliance and not so much in public accounting or in personal finance, investments and taxation. If you have questions about withdrawing money from your IRA, you should really consult with a certified investment advisor or a CPA.

If you are asking about how to adjust your withholding or estimated taxes to accommodate for an early IRA withdrawal, again this would depend on a whole lot of factors regarding your personal tax situation.

I sometimes have employee’s come to me and ask me for advice in completing their form W-4 – “how many allowances should I claim?”, “should I claim married or married but withhold at the higher single rate?” and unfortunately I can’t and won’t give them such advice because 1) I am not a CPA and not a personal tax preparer (although I did work with a CPA and attorney some years ago and assisted in preparing both personal and business tax returns, I didn’t sign them and my work was always reviewed and I don’t keep up with all the tax laws other than payroll withholding), 2) am not being paid to provide such personal services nor am I or my company indemnified by any sort of professional liability insurance should I give “bad” tax or investment advice to an employee and 3) unless I had access to all the employee’s (and their spouse’s if filing jointly) current personal financial information and probably at least the last 3 years worth of tax returns, W-2, 1099’s, mortgage interest statements, investment income statements, etc., based solely on the paychecks I process for this employee, their marital status and number of dependents, I can only guess at their overall tax situation.

The only thing I will tell an employee is that the fewer allowances you claim on your W-4, the more will be withheld in federal income tax, the more allowances you claim, the less will be withheld. If you owed money at the end of last year and don’t anticipate any changes to your financial situation this year, you “might” consider lowering your allowances to have more withheld, if you got a big refund, the opposite would apply. I point them to the resources in my previous post or advise them if they have complex tax situations or they are uncomfortable with figuring it out for themselves, they should really go to a reputable tax preparer or CPA.

50 posted on 02/28/2013 4:12:35 PM PST by MD Expat in PA
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