Shutdown Caused Delay Of $4B In Tax Refunds, OMB Says

Law360, New York (November 8, 2013, 6:49 PM EST) -- Internal Revenue Service furloughs caused by the government shutdown resulted in a delay of over $4 billion in tax refunds and widespread disruption of private-sector lending, the White House Office of Management and Budget said Thursday.

During the 16-day shutdown, the OMB found IRS workers could not process and pay refunds owed to taxpayers, and under the Prompt Payment Act and the Cash Management Improvement Act, the federal government will be required to pay interest to taxpayers on tax refunds that would have otherwise been on time.

“The October 2013 federal...
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