Electronic tax return filing jargon checklist."To make sure a RAL 1. RAL - Rutherford Appleton Laboratory (UK). 2. RAL - An expert system. is done correctly, it's important the ERO ERO European Radiocommunications Office ERO Education Review Office (New Zealand) ERO Explicit Route Object (protocol) ERO Eastern Regional Office ERO Electronic Return Originator provide the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. with the correct DAN as well as the right RTN RTN Return RTN Raytheon Company (stock symbol) RTN Research Training Network RTN Rotarian RTN Routing Transit Number RTN Recursive Transition Network RTN Register Transfer Notation RTN Radial Tangential Normal ." As the Internal Revenue Service continues to pursue its goal of increasing the number of tax returns filed electronically, more and more jargon is entering the CPA's lexicon. To make it easier to understand an often bewildering be·wil·der tr.v. be·wil·dered, be·wil·der·ing, be·wil·ders 1. To confuse or befuddle, especially with numerous conflicting situations, objects, or statements. See Synonyms at puzzle. 2. "alphabet soup" of acronyms and abbreviations, here's a checklist of common electronic filing terms: * ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. file--Acknowledgement file. The electronic acknowledgement sent by the IRS to the transmitter indicating the return has been received, accepted or rejected. * DAN--Depositor account number. The number of a taxpayer's account to which the direct deposit of a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. should be sent. * DDI ddI and ddC: see AZT. or "flip" indicator--Direct deposit indicator. The indicator on the ACK file that shows whether the IRS will honor a taxpayer's request for a direct deposit of a tax refund. (A direct deposit is not honored--or flipped--when the IRS applies the refund to a taxpayer's outstanding tax liabilities, student loans, child support or payments to state and other federal agencies.) * EFIN--Electronic filing identification number. The six-digit number the IRS assigns to each applicant in the electronic filing program. * ERO--Electronic return originator. The firm, organization or individual who deals directly with the taxpayer; prepares a tax return or collects a prepared return to produce an electronic return; and obtains the taxpayer's signature on form 8453. * ETIN--Electronic transmitter identification number. The five-digit number the IRS assigns to applicants who indicates they will transmit returns directly to the IRS. * PATS--Participants acceptance testing. Testing that software developers and EROs who will transmit directly to the IRS must do to ensure the IRS can receive what they are sending. * RAL--Refund anticipation loan. A loan from a financial institution to a taxpayer in the amount of his or her expected tax refund, less fees. * RTN--Routing transit number. A nine-digit number that identifies the financial institution to which a direct deposit of a tax refund should be sent. * 8453--Form 8453, U.S. Individual Income Tax Declaration for Electronic Filing. The paper document with summary tax information the taxpayer and the ERO must sign and mail to the IRS with the taxpayer's form W-2s. * 8633--Form 8633, Application to Participate in the Electronic Filing Program. * Pub. 1345--IRS Publication 1345, Handbook for Electronic Filers of Individual Income Tax Returns. Source: Internal Revenue Service, Handbook for Electronic Filers of Individual Income Tax Returns (revised December 1993). |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion