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If you were banking on your tax refund to be refunded to you in a timely manner, you may want to start thinking about a backup plan.
As reported by the Washington Post, hundreds of Internal Revenue Service (IRS) employees have received permission to skip work during the partial government shutdown due to financial hardship. Per a statement issued by union leaders on Tuesday, they expect absences to surge as part of a coordinated protest that could hamper the government’s ability to process taxpayer refunds on time.
Even though President Trump ordered 30,000 IRS employees back to work last week, where they have been working without day, financial necessity and a coordinated protest are resulting in employees across the country refusing to clock in. They are avoiding following the executive order from the administration by taking advantage of a provision in the union contract that allows them to miss work if they suffer a “hardship” during a shutdown, according to the labor groups.
This could spell trouble for the thousands of business structured as pass-through entities that normally reinvest their tax refund into the business, or use the proceeds to cover business expenses.
To hedge against this, many business owners are proactively seeking alternative financing arrangements to make sure this government shutdown doesn’t put them in a cash-flow pinch. Dynamic Capital, for example, is structuring many short-term financing programs that include no prepayment penalties and interest forgiveness.
Find out more about these options available to your business by calling Dynamic Capital toll-free at 833-245-2975, or visiting the Dynamic Capital’s website at www.dynamiccap.com.