Tax

Tax (1061)

Returns Up 30.5 Percent Over Prior Week

The Internal Revenue Service has received 45,271,000 returns for the tax season through February 26, a 30.5-percent increase from 34,693,000 reported the prior week. The numbers still lag behind 2020 as the recent statistics were for 15 filing days, as opposed to 33 days for the comparable period in 2020.

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AICPA Wants Later Tax Deadline

The American Institute of CPAs has asked the Internal Revenue Service to extend this year’s tax filing and payment deadlines until June 15. This follows a letter earlier this week in which the AICPA urged the IRS and Treasury Department to give adequate notice of any postponements.

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IRS Reports Eight Days of Filing

The Internal Revenue Service has reported there were 34,693,000 tax returns filed in the first eight days of the tax season. But the February 12 start to the season meant that the report for the period ended February 19 compared to the year earlier season-to-date which reflected 26 days of filing in 2019.

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Late Forms Cut Intuit’s Tax Pro Revenue

Revenue for Intuit’s ProConnect Group was hurt by a delay in forms availability, the software company said this week. Intuit reported revenue for that segment dropped by 8 percent for the second quarter ended January 31.

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IRS Says Notice on 2019 Returns Unnecessary

The Internal Revenue Service this month issued notices to about 260,000 taxpayers that they have not filed 2019 federal tax returns. However, the IRS notes because it has not completed processing all 2019 returns, the CP59 notices should not have been sent.

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Phishing Emails Seek Preparers’ EFINs

A scam email is attempting to trick preparers into providing the electronic filing identification and drivers’ license numbers. The Internal Revenue Service has reported the email says it is from “IRS Tax E-Filing" and warns preparers their ability to efile will be disabled if they do not comply.

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Bloomberg Issues Tax Season Watch

Bloomberg Tax & Accounting has issued its annual Tax Season Watch, which features resources related to Covid-19 and tax filings and payments. The publication is available for a free trial through March 31.

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N.C. Preparer Draws 50-Month Sentence

A Rocky Mount, N.C., tax return preparer has been sentenced to 50 months in prison. Adrienne Williams must also pay $4.8 million in restitution to the Internal Revenue Service.

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Late Tax Season Start Cuts Intuit 2Q

Intuit says the late start to the tax season will cut from 23 percent to 25 percent of its revenue from the first quarter ended January 31. The company this week also adjusted its expected operating income to an operating loss.

Intuit can be expected to make up much of the revenue in the current quarter with the February 12 start to tax season. Last year's July 15 tax season deadline similarly moved a substantial amount of revenue from the April quarter to the July quarter.

The company expects revenue of $1.57 billion to $1.576 billion for the first quarter, down from the prior rang of $1,935 billion to $1.965 billion. Instead of operating income of $171 million to $191 million, Intuit now says it will reports an operating loss of $30 million to $25 million.

Earnings per share will drop significantly falling to six cents to seven cents per share, down from the previous expectation of 43 cents to 49 cent per share.

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Tax Forums Go Virtual Again

The IRS Tax Forums will be held virtually again this year. Internal Revenue Service announced the format as it said registration this year opens on March 1 for  2021 IRS Nationwide Tax Forum and Expo.

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