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settlement date to withdraw the return amount due

LizPS
Level 3

Nearly every State has passed legislation to follow the federal delay of taxes and payments due.  I only really care about CA, NY & OH at this moment but have returns piling up that just need to accept 5/13/2021 as future settlement date.  When will ProSeries Basis be updated for this change for all applicable states?

 

Liz

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4 Replies 4
The-Tax-Lady
Level 8

Ohio has conformed to the extended pay date of 5/17/2021, but I'm also waiting on Ohio to decide if they are taxing the unemployment or excluding it. Filing Federal and putting the state returns on hold till a decision is reached.

LizPS
Level 3

To many returns to do half and hold the rest, I'm worried the other half will fall through the cracks 😉

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The-Tax-Lady
Level 8

I just put all my on holds in one Banker's Box so they don't fall thru the cracks. My clients are more concerned with the Federal refund and receiving it now. The State refunds or tax due amounts are not on their radar.

BobKamman
Level 13

First the states have to tell Intuit that their software has been updated to accept a later payment date.  I think it involves more than an on/off switch at the state router.  Have you checked on what other software vendors are able to do?

I always wonder what people are doing with their money, that extra month.  Maybe it's reducing how much they owe on their credit cards, so they're getting a 1% or 2% yield.  Or maybe it's sitting in a money market account earning 0.25% annual rate.  Stock market?  It's at an all-time high, it's guaranteed to keep going higher, right?

Do enough returns with a payment date two months out, and you're going to have a client who dies or files bankruptcy before then.  I just prepare tax returns.  I don't cater to those needing cash-flow accommodation.