Tax Refund Delays?
People waiting on tax refunds may be waiting a while longer than usual. The IRS has changed the timeline for refunds and specific dates for receiving checks are no longer given. The IRS says it can take up to 21 days after your return has been accepted. The bigger problem is the threat of the government running out of money because of a fight over the nation's debt limit.
The federal government is expected to run out of money by the end of this month. If congress doesn't agree on increasing the borrowing limit, the treasure could hold back refunds to help keep the government afloat. Tax professionals say they've received warnings about the possible delays from industry organizations.
Some people we spoke with feel it's ridiculous the "middle class are suffering" as a result of the Washington politics. Gail LeCrann, owner of Simply Gorgeous Salon, says her business will "feel the impact" because when people don't have discretionary money to spend they don't come in for haircuts and color.
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by Frank Fraboni