The slow start to tax season is probably due to seasonality, Intuit CEO Brad Smith said recently. Smith made the comments at the recent Morgan Stanley Technology, Media and Telecom Conference. He also said that the season is likely to show roughly 1 percent growth in returns filed, also a historical trend.
Last year, the numbers didn't turn positive over 2015 filings until the Internal Revenue Service reported results for the season through April 222.
Intuit had forecast the increase in returns for the season will be from zero to one percent. But overall, Smith admitted the industry will not know the reasons for the late start until the season ends.
"I think history says it's a seasonal thing," Smith commented.
He was asked about the impact of anti-fraud measures on tax filings. Smith said despite cutting filings involving stolen identifies by about half, returns still grew last year.
In its report on filing volume during the current season, Intuit was behind the corresponding period in 2016. The number of efiled returns dropped by 10 percent for the period through February 17, while the over all IRS statistics through February 17 showed total efiled returns down by 13.5 percent.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
