Level 15

It’s Signed

Forum|Forum|5 years ago
March 11, 2021
2 replies
21 views

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

This topic has been closed for replies.

G

garman22

Intuit Community Champion

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

J

Jeanne2007

Level 3

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

qbteachmt

Level 15

@Jeanne2007

You already started a topic on this, here:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/if-binden-signs-the-bill-regarding-the-forgiven-10-200-with-edd/00/139850

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

Don't yell at us; we're volunteers

abctax55

Level 15

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

HumanKind... Be Both

BobKammanAuthor

Level 15

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.

abctax55

Level 15

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

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...

HumanKind... Be Both

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