Tax Syth Lord
Level 2

Intuit dropped a not that they would open business filings as of January 19, 2021 and for individuals Intuit began holding returns as of January 28th. For some of these clients they are trying to get financing and banks are requesting tax returns. Although we have informed these lending institutions that the IRS will not process these returns until Feb 12th, they will accept draft tax returns. Would be nice if they would have finalized forms for the 2020 filing, but that has yet to happen. Try telling a banker/loan officer why we cannot file yet and see how that conversation goes, haha. They are in no way tax connoisseurs. For those that have taken early distributions from 401K's, we will wait until the updates are available. As you may see, your clients don't care why they can't file, only that they cannot file yet, and they are not too happy about that. Especially when these returns are holding up the lending process.

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