It’s Signed

[BobKamman]

President Biden signed a $1.9 trillion coronavirus relief package into law on Thursday, setting in motion a vast effort on the part of his administration to implement one of the largest stimulus measures in U.S. history.

Biden had initially intended to sign the bill on Friday, but White House aides said they received a copy of the legislation from Congress earlier than anticipated, allowing the president to put his signature on the proposal hours before he is set to deliver his first-ever prime time television address.

--Washington Post

[garman22]

When will Intuit update their program for this new law????

[abctax55]

Hmmmm  - perhaps an announcement of 'extending the filing' date could be sooner than has been guessed?  Or, not.

[Jeanne2007]

That's what I would like to know.  Will Lacerte, Turbo Tax and other tax programs be updated?

[BobKamman]

I think they waited until after March 15 last year for a good reason.  I think it's still a good reason this year.  They don't want the corporate returns, but they want the corporate money.  

[qbteachmt]

@Jeanne2007 

You already started a topic on this, here:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/if-binden-signs-the-bill-...

You don't have to ask the same people the same issue over and over in this same forum.

[abctax55]

@BobKamman - I agree.  I picked 3.17 just 'cuz it's Saint Patty's Day.

[UNINTENDEDACTOR]

The last Covid bill is due to expire March 14th...therefore time was of the essence...folks will not lose their benefits especially unemployment. I am sure we will hear from software company soon as they were waiting for IRS. Hopefully they have a form ready in their program for us to update and adjust returns. I will check the IRS website for their guidance as well. I haven't the chance yet! I have just successfully e-filed my first two  Federal returns since my purchase 3/5/2021.   I am waiting on the State to update their EFIN file...meanwhile keeping my eye on current event...and learning the program...I am having great fun!! Great experience  for new tax business owner

[sjrcpa]

Glad you're having fun.

The rest of us, not so much.

[BobKamman]

Bloomberg reports this afternoon:

Just under a month into federal tax filing season, the IRS reported a 32% slide in the number of refunds sent out compared with last year, showcasing delays that have spurred Democrats to call for postponing the traditional April 15 deadline.

The drop-off in the number of refunds is partly a consequence of taxpayers filing nearly 12.3 million fewer tax returns so far this year compared with 2020, according to data released Thursday. The filing season, which began Feb. 12, started about two weeks later than usual, which has contributed to the slump.

The average refund size -- $2,990 -- has held relatively steady, only down $22.

The number of tax returns filed so far this year is down about 18% compared with a year earlier, and the IRS has processed nearly 25% fewer submissions so far. The figures include tax returns turned in as of March 6.

Key House Democrats have called for the Internal Revenue Service to delay the April 15 deadline and give taxpayers more time to file. Besides the disruptions from the pandemic, changes in tax law -- including some revisions President Joe Biden signed into law Thursday -- will mean some filers will have to wait for updated forms or resubmit their returns.

[garman22]

Im definitely down with # of prepped returns so far.......

[abctax55]

I don't "do" tax returns anymore; this year, I simply collect important tax documents for storage in tax files.

Until UIC reporting/changes can be handled, and until CA gets off its butt regarding expenses paid with PPP funds  - seems like everything I try to finish comes to a grinding halt.   Throw in the clients that have hem & haw about how much to put into retirement or whether they want to max their HSA contributions.... not much is going out the door.   Massively frustrating...