That is, as they say, a fact!
His letter
Clients and Friends,
Recent developments within the Internal Revenue Service (IRS) have understandably raised questions and concerns. Notably, the Trump administration has initiated significant changes, including the termination of approximately 6,700 probationary IRS employees, nearly 7% of the agency’s workforce.
Additionally, discussions about restructuring or even abolishing the IRS have surfaced, leading to further uncertainty.
Given this climate, many of you have inquired whether it’s prudent to file for an extension on your tax returns to allow these changes to unfold. However, it’s crucial to understand that these administrative shifts do not alter your current tax obligations. The IRS continues to enforce tax laws, and all taxpayers are required to file their returns by the established deadlines.
Key Points to Consider:
- Filing Deadlines Remain Unchanged: The standard tax filing deadline is April 15, 2025. While you can request a six-month extension to file your return, this does not extend the time to pay any taxes owed. Payments are still due by April 15 to avoid penalties and interest.
- Potential for Processing Delays: The recent IRS workforce reductions may lead to delays in processing returns and issuing refunds. Filing your return promptly can help mitigate potential delays in receiving your refund.
- Compliance is Essential: Regardless of internal changes within the IRS, compliance with tax laws remains mandatory. Failure to file or pay taxes owed can result in significant penalties, interest, and potential legal consequences.
In light of these factors, we strongly advise against delaying your tax filings in anticipation of potential future changes. Proactive compliance will ensure you meet your legal obligations and minimize any adverse effects resulting from the current administrative transitions.
We’re keeping a close eye on the situation in D.C. If anything changes, you’ll be the first to know. But as of now, the smartest move is to handle your 2024 taxes with confidence, and we’ve got your back.
We will assist you through this tax season. If you have questions or need guidance on your specific situation, please don’t hesitate to reach out.
Best regards,
Harry Shurek
Founder & Managing Partner
My Cannabis Accountant – MCA
www.mycannabisaccountant.com
