The IRS Is Open And Taxpayers Are Filing: What It Means For Intuit

With another government shutdown averted last week, some of the uncertainty around tax filings may be lessening — good news for Intuit Inc. INTU, the company behind TurboTax and QuickBooks.

In a flash note to investors Tuesday, Guggenheim analyst Ken Wong pointed to the Internal Revenue Service's most recent weekly tax update, which this week showed an uptick in total tax filings received since the first week of February. Net weekly filings grew about by about 1 percent, according to the update.

Guggenheim has a Buy rating on Intuit with a $250 price target. 

Wong said the government shutdown may impact the “shape” of tax season, but shouldn't affect total filings on the year. Still, early concerns about processing could lead to some volatility for Intuit shares, he said.

“While the shape of the tax season will have little if any impact on the overall revenue opportunity, a later start does add some risk to numbers compared to a more frontloaded year,” the analyst said. 

Intuit shares were up 0.49 percent at $234.46 at the time of publication Tuesday. 

Intuit is scheduled to report second-quarter results Thursday. The company had earnings beats in each of its last four quarters.

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Photo courtesy of Intuit.