March 26, 2004

Laggardly Income-Tax Receipts

Why in this day and computerized age do we have to wait until the end of March or even early April to get investment-related tax receipts from financial institutions?

We have to file personal tax returns by April 30, but for those of us expecting refunds, it would be extremely beneficial to be able to file much earlier.

I bought my tax year 2003 copy of QuickTax well over a month ago and began entering data to supplement what it automagically sucked in from the 2002 version on my hard drive regarding last year's return.

And then I had to wait. And wait, as the statements and forms trickled in. We received another one today -- do I have to wait for more?

This is ludicrous. I understand that stock sales/purchases need a few days to be settled, but why does it take months to send out a form?

I encourage anyone in the banking/brokerage sectors to elucidate me on this issue. Are we talking regulatory crap here, or simple laziness?

Posted by Paul at March 26, 2004 07:28 PM