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Intuit: Returns To Be Up 3 Percent

Intuit is predicting that the number of federal individual tax returns fuked will be up 3 percent for 2021 over the prior year. The software company had previously estimated the total would be about 1-percent higher than last year, CFO Michelle Clatterbuck said during the company’s recent webcast for earnings for the year ended July 31.

“We estimate the DIY category share of total IRS returns was down slightly this season versus our prior estimate of approximately flat,” she said.

Comparing the two years has been difficult given 2020’s inclusion of about 8 million returns filed to by individuals to receive stimulus aid, last year’s extension of the season through July 15 and this year’s through May 15.

The most recently available number from the IRS show 151,782,000 returns received through July 17, an increase of 4 percent from 145,941,000 through July 19, 2020.

Intuit’s performance improved in all tax areas. It grew the number of TurboTax returns by roughly 6 percent, after excluding the stimulus filings. Its share of all tax returns grew approximately 1 percentage point to 31 percent and its share of the DIY market also increased at the same rate.

Revenue for the ProConnect Group, which sells professional tax software, 5 percent to $517 million for the most recently ended year from $419 million in 2020. Consumer tax revenue increased to $3.56 billion, an increase of 14 percent to $3.14 billion the prior year.

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