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Odds on 04/15 Delay

dascpa
Level 9

Your opinion of the odds.  What odds do you give for a 04/15 delay, and if it happens when would it be announced?  Winner gets a month or more of sanity from this daily law change stuff. I say 60/40 it's happening and announced March 22.

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7 Replies 7
IRonMaN
Level 15

How long is it going to take to get their software updated followed by all of the software companies getting theirs updated?  I'm going with 98/2 odds.  I would go with higher odds, but I also thought the Vikings would have won a Super Bowl by now so my prediction abilities aren't precise.  They announced last year's change shortly after the 3/15 deadline so I think the timing is about right to repeat last year's announcement.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
sjrcpa
Level 15

I think we'll get an extension. Probably announce on March 16 like last year.

This bill is going to pass on March 14 or so because that's when the current extra unemployment benefits run out. IRS will have their hands full sending out checks. that's the only way Rettig said he would extend.


ex-AllStar
PATAX
Level 11

I would say the odds are fifty-fifty and they'll announce it after March 15th, since they want all the k-1s filed for the scorps and  Partnerships, even though they can file extensions if they wish to....

sjrcpa
Level 15

Anticipating this or other clusterf*****, we have already extended the partnerships and S Corps.

Which doesn't mean we're not still working on them.


ex-AllStar
dascpa
Level 9

Updating my odds to 100%. MD previously announced unemployment change but no forms yet. Now every state will have to determine if they go along with new Fed rule (when it becomes law) and if at the same income threshold level. If delayed then like last year will states delay? A few states, like VA last year changed to 06/01 rather than the 07/15 other states did.  And then of course all the amended forms for returns already filed. Accounting Practice Sales - where are you?

abctax55
Level 15

99.5% (only because nothing is certain except death and taxes... hey, wait... taxes?!).

And March 17th so it isn't the same date as last year, plus it would be St. Patty's Day.  That way we could all knock off early to go drink green beer as we would then have that 'extra' time to finish off returns.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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ljr
Level 4

I'll weigh in as I'm all for leaving early on St. Patty's for the beer although I keep changing my mind on the odds. My thought today is 80/20 and the date is 3/17. But it's the IRS so maybe the date will be 4/1 and we can suffer the entire month.