In fact, by filing earlier, taxpayers are more likely to be better placed in the queue if and when the IRS begins to function normally again; wait until the last possible minute and you could find that your ability to effectively attend to your cross-border tax planning is adversely affected.
For example, some expat taxpayers may require their refund before a particular date in order to budget for their multi-jurisdiction tax liability; in these cases, the sooner action is taken, the less scope there is for any IRS delays to have an impact.
Time is running out
There is still time (the deadline for 2018 Income Tax Returns is April 15 2019 ), but if you are in need of your tax refund sooner rather than later, you may wish to talk to your accountant and/or wealth manager about ensuring your tax return is received by the IRS by the end of January – although the current shutdown situation means that early filers are unlikely to receive refunds by February as they usually do.
The good news for wealthier taxpayers is that they are less likely to suffer as a result of the shutdown – not only are they more likely to have some financial buffer in place to help them weather the uncertainty, they also may not need to file until later. Even so, as a result of the current situation getting your tax affairs in order is, as always, a task that should not be ignored.
Contact Blacktower in the US today
The impact of the shutdown on the IRS is as yet difficult to measure. However, as a taxpayer the important thing is to be prepared for tax season and to discuss your wealth management and cross-border tax planning options with your financial advisor.
Blacktower (US) LLC brings authority, expertise and more than 30 years experience of international wealth management to the benefits of its clients. Speak with us today for more information.