The Tax Navigator – IRS Tax Filing Season Is Here
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Join Sean Muller, The Tax Navigator, as he discusses the start of the tax filing season and what to expect as 1099s arrive. Meanwhile, political tension is building as the House has passed spending bills, but they have stalled unless action is taken on ICE and homeland security, raising the possibility of another government shutdown in February. The IRS also released FAQs on overtime pay, but there were no significant updates beyond previous discussions.
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Detailed Description of The Tax Navigator – IRS Tax Filing Season Is Here
00:00:00
Sean: Alright. So, the IRS filing season is officially open. It opened on Monday, January 26.
00:00:06
Sean: As 1099s are coming to your door, you can start gathering that information up if you want to go through and free file. The IRS is currently open and accepting tax returns. That is the good news.
00:00:17
Sean: The bad news is the House passed all their spending bills last week, and then we had all of the terrible stuff going on in Minneapolis. And so, this week, as we’re heading towards another government shutdown this Friday, the Democrats have come out and said they’re not going to approve any of these funding bills unless something is done about ICE and homeland security.
00:00:40
Sean: So, fingers crossed that we actually get spending bills passed so we don’t have another government shutdown for the month of February.
00:00:47
Sean: The IRS did release frequently asked questions around overtime pay this past week, but there was nothing we haven’t already talked about. They answered five or six different questions to go through and look at what that is.
00:01:00
Sean: Once again, to reemphasize overtime pay: it’ has to be overtime and employment subject to the Fair Labor Standards Act. So, it has to be time and a half and only the half is excludable for the rules.
00:01:14
Sean: Other than that, that’s about all that happened last week. Hopefully, we won’t be talking about a government shutdown next week.
This episode of The Tax Navigator was recorded prior to publication. Some references or updates discussed may reflect information current as of the recording date.
