Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

February 12th opening date for 1040s !

Just-Lisa-Now-
Level 15
Level 15

Well, my guess of January 29th was wrong! 

Refunds with refundable credits wont be going out until March.

 

Can someone remind me about stock piling...is it considered stock piling to hold them to wait for the Efile opening?

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Labels (1)
1 Solution

Accepted Solutions
sjrcpa
Level 15

I believe it is not considered stockpiling in this situation. I don't have a cite for you.


ex-AllStar

View solution in original post

30 Replies 30
abctax55
Level 15

Jinx... ya' beat me 🙂

I guess it's good to have it posted under PS and Lacerte too for all those people that will be searching for the answer before asking the question.  Right ?????

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
abctax55
Level 15

"Can someone remind me about stock piling...is it considered stock piling to hold them to wait for the Efile opening?"

Ask me if I care 😎

CAGMC !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
dkh
Level 11

@abctax55     CAGMC??     

IRonMaN
Level 15

A phrase often used by an old friend of ours - Come and get me coppers"

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
dkh
Level 11

Thanks!

IRonMaN
Level 15

You betcha!

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
sjrcpa
Level 15

I believe it is not considered stockpiling in this situation. I don't have a cite for you.


ex-AllStar

View solution in original post

IRonMaN
Level 15

Stock piling is holding on to finished returns.  Holding onto finished returns because you can't e-file them is known as "oh crap".  There is a difference.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
Ephesians3-14
Level 7

Are you saying that we can't e-file individual tax returns with refundable credits (e.g., child tax credit, recovery rebates, etc) until March?? Can you provide a link that discusses this?

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

You can file them on or after 2/12, but the refunds wont start being issued until the beginning of March.

So those that want the EIC money to pay March rent, may want to come up with a Plan B, just in case.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15

I think last year they held up returns with EIC, too. I don't see very many of those so am not sure.


ex-AllStar
abctax55
Level 15

Can you provide a link that discusses this?

As has been suggested (many times...) - as a tax professional it would be wise to sign up for the IRS alerts so you get the info directly:

https://www.irs.gov/newsroom/news-releases-for-current-month

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
taxiowa
Level 8
Level 8

You can't file any individual returns until. Feb. 12th no matter if they include EIC or ACTC.  Only those returns having EIC or ACTC or maybe refundable AOC are delayed until March 1st.  I have not read anywhere that refunds due to over withholding or the recovery rebate will be delayed as well, so the first refunds should be coming about Feb. 17th.  Maybe someone has info on the recovery rebate refund I don't.

BobKamman
Level 14

Making Amercans grimace again!  However, the "early March" date is just an estimate.  What they are saying is that's the earliest a direct deposit could be received, from a return filed February 12.  It should take less time than that, but they don't want people calling any sooner.  

"Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves."

What IRS has decided is that they don't want to be the ones stockpiling returns.  But they are ignoring the millions of taxpayers who receive large refunds without these two credits.  And they think that all of the returns are going to be processed in two months?  They waited until March 16 to extend the filing deadline last year.  This year, I think the announcement will come in early February, that April 15 is just another pleasant spring day.  

dkh
Level 11

We have to wait until February but......IRS Free File opened today..... https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

taxiowa
Level 8
Level 8

Free-file is open and so is Proseries.  That is you can file with a vendor thru free-file or file thru a tax preparer such as yourself today.  However neither you, free-file vendor or Proseries can file that return to the IRS until February 12.  We have actually completed a bunch of clients returns this week but they can't be filed with IRS until the 12th.  You can't even print most forms without a watermark though. And I imagine that if the EIP #3 is only signed into law in 2021 it will be be a recovery rebate on 2021 taxes. But you can not ever predict Congress.

snappy
Level 3

I agree with taxiowa.

You can e-file now assuming the client has presented all received tax forms and not waiting for any others and then Intuit will hold the returns until they can release them on or before 2/12/21 when the IRS is open for business.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

I didnt think ProSeries let us send them in until IRS opened.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
snappy
Level 3

My understanding has always been that as long as the forms in the return are final and the return passes error checks, then you can transmit them and Intuit will hold until they can release.

However, if this is being modified for this 2020 tax season, then perhaps someone can advise us as to the process.

0 Cheers
IRonMaN
Level 15

"you can transmit them and Intuit will hold until they can release"

That never was the case.  You might be able to do that with Turddotaxx, but not with the professional tax software packages

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
abctax55
Level 15

I agree with Jeff, Intuit has never let us send them the returns for them to 'stockpile'.

Perhaps 2020's returns will be handled differently; but I'd be that nice mocha that's just about to finish brewing that won't be the case.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
dkh
Level 11

Do you think the February date is in anticipation of more EIP after Biden takes office?

0 Cheers
BobKamman
Level 14

@dkh "Do you think the February date is in anticipation of more EIP after Biden takes office?"

The excuses that IRS is offering for the February date are a cover-up for their backlog of 7 million 2019 returns not yet processed.  If they were worried about EIP #3, they would want to push out 2020 refund checks as quickly as possible before dealing with another round -- and they would want to have as much data as possible on 2020 income, if the payments are based on 2020 income.  

BobKamman
Level 14

@dkh "Do you think the February date is in anticipation of more EIP after Biden takes office?"

A senior IRS official explained, "We were asked to delay this because the Super Bowl is later than usual this year and our partners at H&R Block and TurboTax want to maximize the benefits from their advertising." 

Just-Lisa-Now-
Level 15
Level 15

😂😂😂


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dkh
Level 11

@BobKamman           Is that for real?    

IRonMaN
Level 15

Of course it’s real😂🤣😂

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
0 Cheers
BobKamman
Level 14

@dkh   "Is that for real?"

Of course it's real.  I got it from the Institute for Reliable Satire.  

dkh
Level 11

😏geez I fell for that snipe hunt......lol       

IRonMaN
Level 15

I think you bagged your limit on that hunt.😉

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)