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How IRS layoffs could impact your taxes

DeFi Daily News by DeFi Daily News
February 22, 2025
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The Internal Revenue Service (IRS) faces a significant workforce reduction with over 6,000 employees reportedly set to be laid off. As the 2025 tax filing season progresses, taxpayers are concerned about how these changes might affect their refunds.
“This layoff situation could, in fact, be a non-event to a lot of individual taxpayers if they, number one, commit themselves to try to avoid person-to-person contact at the IRS,” Director of Tax Content at the National Association of Tax Professionals Tom O’Saben explains to Wealth! host Brad Smith.
O’Saben recommends filing returns electronically this tax season, saying, “Before you press send, be sure to review all that data and make sure it’s accurate so it’ll be in the system and process like normal.” Additionally, he strongly encourages setting up direct deposit for refunds and taking steps to minimize the need for direct IRS contact.
For those who need to contact the IRS directly, O’Saben warns of potential delays. “Patience is a virtue,” he notes, adding that taxpayers should “be prepared for a long wait if you’re going to have to call.”
To watch more expert insights and analysis on the latest market action, check out more Wealth here https://finance.yahoo.com/videos/series/wealth/
#youtube #stocks #stockmarket

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Tags: BondsbusinessCurrenciesEquitiesFXImpactInvestingInvestmentIRSlayoffsMarketMarketsMoneyNewsNYSEPersonal FinancePoliticsSavingsStock marketstockstax preparationTaxesYahoo FinanceYahoo FInance Premium
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