The ITS is the taxing body for the federal government and regarded as a stickler for the rules, particularly when it comes to the filing of late returns. While the IRS can penalize people for being late, they are currently under scrutiny for being late in processing tax returns. According to the report, this event has impacted the economy in the United States some different ways.
Overall, it is believed that the delay in completion of tax returns has impacted the lower and middle class the most. While these people are tight on cash during the year, tax returns often provide the ability to spend some money freely. Due to the delay, many people have not been able to spend money, which has impacted the financial performance of some different retailers.
One retailer that has stated that the delay has been impactful is Foot Locker. Most years a lot of consumers get their returns by the end of January. Due to the delay, this date has been pushed into April or May. Because of this, Foot Locker has stated that their first quarter sales will be hurt because of this, but the second quarter could improve.
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Law Offices of Darrin T. Mish, P.A.: Tax Attorney