The pace change that we started to see in the 06/30 update has continued through to the end of the tax season, with the filing pace pulling for all intents and purposes even with last year. Across the board, the 2020 filing pace is within two percentage points of the 2019 filing pace, with the single largest data change coming from completed returns with an over 10% increase between 06/30 and 07/15.
Over the past two weeks, I’ve been asked what a comparison between the 2018 and 2019 filing seasons would look like, as of the federal filing deadline. Above is the results of that comparison. As you can see from the graph, though the 2020 filing season was significantly behind the 2019 season on the original filing deadline date, by the 07/15/2020 filing deadline, the gap had closed, and the 2020 filing season had surpassed the 2019pace.
How does your firm compare to the national average? If your software provides you with the ability to perform a similar analysis, I strongly recommend assessing your pace in this manner. Take a close look at how your 07/15/2020 pace compares to your pace as of 04/15/2019.