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Legislation Delays Cause TurboTax To Prepare For Short Tax Season

TurboTax 2012

Intuit Inc., which is the maker of the tax software TurboTax 2012, is getting ready for the tax season to begin late in 2012.

With the changes that are occurring in tax laws it is possible that the filing deadlines may be pushed to later in the year. This could cost the company a delay in revenue  of $50 million to $75 million. This could translate into a 10 cent to 15 cent loss in their per share earnings in the companies second quarter of the fiscal year. This was the warning that the company had  announced over the last week.

The company expects to make up the loses in later quarters and is readying themselves by staying in contact with federal tax authorities. They want to stay on top of the changes and develop software that covers all of the possible scenarios. They hope to be ready for whatever congress decides.

English: President Barack Obama leans back in ...

English: President Barack Obama leans back in his chair as he listens to the discussion at a Long-Term Fiscal meeting in the Roosevelt Room of the White House, May 29, 2009. (Official White House Photo by Pete Souza) (Photo credit: Wikipedia)

With a mix of large tax increases, along with the across-the-board spending cuts, which will begin in January if there is no intervention from lawmakers,  it is creating a fiscal cliff. There is still no word on whether President Obama and the Republicans leaders are going to be able to bury the hatchet and come up with a resolution and get together on a new tax code, even if it is a temporary one just for this year.

Approximately 1/6 of all the tax returns last year were filed with the assistance of TurboTax 202. This year they are better equipped to face the challenges. With the use of social media, and on and offline commercials they have led people to the understanding of what TurboTax 2012 can do for them.

With the new tools that Intuit has installed, they will be able to help users keep up with the changes and file on time and accurately.

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