IRS announces start of tax season – what to know
Published On Jan 10, 2025, 4:03 PM
The IRS has announced that the 2025 tax filing season will officially start on January 27, 2025. They expect over 140 million individual tax returns for tax year 2024 to be filed by the April 15 deadline. The IRS is also introducing new tools to help taxpayers, including easier access to tax account information via voice and text assistants, and an expansion of its Direct File program, which allows for data import from IRS accounts. Taxpayers are encouraged to file electronically and use direct deposit for faster refunds.
Stock Forecasts
HRB
Positive
The start of tax season generally leads to increased demand for tax preparation services, which could positively affect stocks in related sectors, particularly tax software and financial services companies. Given the modernization efforts by the IRS and the anticipated user-friendly features, companies like H&R Block and Intuit could see increased customer activity and revenue during the tax season.
INTU
Negative
While overall tax preparation services may benefit, companies that rely on high levels of paper filing could face headwinds as more users opt for electronic filing. This could be negative for companies still heavily invested in traditional methods. Thus, companies that do not adapt to the evolving digital environment may see a decrease in business.
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