*By Carlo Versano*
Tax filing season is officially upon us, just as the IRS returns to full strength following the five-week government shutdown. But tax filers should expect some turbulence along the way, said Nicole Kaeding, director of federal projects at the Tax Foundation, a tax policy think tank.
Before the shutdown threw a wrench in things, the IRS was already anticipating some headaches, given that 2019 marks the first tax year since President Trump's Tax Cuts and Jobs Act went into full effect ー the first overhaul of the tax system in three decades. That law affects every taxpaying household, and while 80 percent of Americans have a lower tax liability as a result, Kaeding said, many refunds will smaller than in past years because more taxpayers had less taken out of their paychecks through the year.
Last year, the average refund was $3,000. This year, "they might not be as big," according to Kaeding.
But because of the shutdown, furloughed IRS employees are coming back to face an estimated 5 million pieces of unopened mail, which could take them 12 to 18 months to sort, Kaeding said, though the administration still [says](https://www.politico.com/newsletters/morning-tax/2019/01/28/welcome-filing-season-492445) it expects a fairly smooth tax season.
By Feb. 15 last year, tax agents had already processed $100 billion in refunds, as mostly low- and middle-income taxpayers tend to file quickly to take advantage of tax credits. This year on Feb. 15, the government could conceivably shut down again. Even if it doesn't, taxpayers should plan for some slowness in receiving their refunds as the IRS works through the backlog from the last five weeks.
For full interview [click here](https://cheddar.com/videos/why-a-bigger-tax-refund-is-no-sure-thing).
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
Wallet Hub released a list of the 10 states with the highest median monthly student loan payments.
Oil and gas giant BP will purchase electric vehicle chargers from Tesla for $100 million.
Reports say olive oil prices have jumped 75% since January of 2021.
The big three car companies for GM and Stellantis have agreed to pay striking workers as they spend time on the picket line, according to The Wall Street Journal.
Elon Musk is making a big prediction about artificial intelligence and the jobs market.
Open enrollment season is here and the stress of picking the right plan for you could sometimes get overwhelming. Rosalyn Glenn, financial advisor with Prudential, joined Cheddar News to discuss what to know and understand about selecting your benefits to cover your medical needs and conditions, if any.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
