Intuit's Lacerte and ProSeries Ready for AMT Returns
Intuit Offers Guidance on Which AMT-Affected Returns Can Be Filed Early
MOUNTAIN VIEW, CA – Jan. 3, 2008 – Intuit's Lacerte and ProSeries professional tax preparation products are helping to take the confusion out of which tax returns can be filed in mid-January and which should be filed in mid-February, 2008.
Due to the late December passage of federal tax legislation, the Internal Revenue Service announced that taxpayers who are affected by specific credits on five forms related to the Alternative Minimum Tax (AMT) legislation will have to wait until mid-February to begin filing tax returns, when the IRS completes the reprogramming of its systems for the new law.
On January 11, 2008, the IRS expects to be able to begin accepting most taxpayers' returns. If a taxpayer has credits that involve the five AMT-related forms affected by the legislation (Forms 5695, 8396, 8859, 8863, and 1040A-Schedule 2), the IRS has stated that it will not begin accepting such tax returns until February 11, 2008, the date that the IRS anticipates its systems reprogramming will be complete.
Despite the delay, Intuit's Lacerte® and ProSeries® products, which have the largest number of users of professional tax preparation solutions in the nation, are "ready and right," says Lacerte Group Product Manager Jorge Olavarrieta. "We've monitored the AMT legislation over the course of the last several weeks and have planned for every possible scenario, so we're completely ready to process returns according to the final legislation."
Beyond ensuring accurate tax calculations, Intuit diagnoses which tax returns can and cannot be e-filed during IRS acceptance periods, so that tax professionals do not have to worry about confusing forms and dates. Continuing on the "ready and right" theme, Tax Development Manager Mike D'Avolio notes that the software will allow practitioners to easily identify tax returns impacted by the legislation and that diagnostic messages are being built into the Lacerte and ProSeries products to ensure that practitioners are alerted when a particular taxpayer's return should not be filed until the IRS finalizes its AMT system programming in mid-February.
Making sure the AMT-affected tax forms are right means more than just getting the filing dates correct, though. "The actual forms can be complex," notes D'Avolio, "since the order of the personal credits printed on Form 1040 is different from the actual AMT legislation. Using Lacerte or ProSeries will help ensure that the AMT credits are applied in the correct sequence, according to the new legislation."
Both manual and electronics tax preparation methods have been affected. "Electronic filing with direct deposit is still the quickest way to get your tax refund," says Kathy Kirkendall, ProSeries Group Product Manager. "Whether or not you're impacted by the AMT, Intuit provides productive and easy ways for practitioners to prepare accurate tax returns."
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.67 billion in its fiscal year 2007. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
Intuit, the Intuit logo, Lacerte and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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