The ongoing political stalemate in Washington keeping more than 800,000 government employees out of work is also having a broader impact on the overall economy. The domino effect of the shutdown has begun to negatively impact important sectors of the U.S. economy ranging from the stock market to farmers to small business owners. The most obvious effect the government shutdown is having on the accounting industry is the very agency responsible for generating revenue for the federal government is closed. Although the Internal Revenue Service recently recalled as many as 55,000 workers without pay which represents only 12% of its workforce, the agency’s current dilemma combined with an overall atmosphere of uncertainty suggests an ominous outlook for this year’s tax season.
How To Minimize The Effects Of The Shutdown On Your Accounting Practice
There is a way to minimize the effects of the shutdown on your accounting practice by considering business clients that are actively searching right now for comprehensive, year-round accounting services that go far beyond a simple tax return.
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