IRS encourages individuals, small businesses, tax practitioners to file returns electronically. (tax info).With more and more tax practitioners considering how electronically filing returns can increase efficiencies, cut costs, reduce errors, help improve client privacy and security as well as expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. refunds, CPAs are expected to e-file For US IRS electronic tax filing, see . EFILE is the system used by the Canada Revenue Agency as a means for electronically transmitting tax returns. EFILE is only available to professional tax prepares and is not to be confused with the publicly available NETFILE. more tax returns in 2003 than in any previous year. In addition, the Internal Revenue Service is increasing its emphasis on its e-file program for the 2003 tax filing season by initiating a national communications program Software that manages the transmission of data between computers, typically via modem and the serial port. Such programs were very popular for connecting to BBSs before the Internet took off. aimed at individuals and small businesses encouraging the use of e-file for 2002 returns. Thus, tax professionals should be prepared to answer more client questions about e-file and be ready to increase their capacity to electronically file tax returns. The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. is initiating the communications program to help achieve its goal of receiving 80% of all tax returns electronically by 2007. In the 2002 filing season, 36% of individual income tax returns were electronically filed. For details about e-file, visit www.irs.gov/efile. Members may also want to refer to a Nov. 2002 Journal of Accountancy article about e-filing Filing income tax and other governmental forms online. for additional information. Some Benefits of E-Filing * Clients receive a proof of receipt by the IRS within 48 hours of filing. * Clients receive their refunds in half the time as paper filers. If they choose Direct Deposit, they will have their refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies in as few as 10 days. * The error rate in using e-file for individual tax returns is less than 1%. The IRS electronically checks e-filed returns, and if errors are detected, sends a message that alerts the preparer to the error. |
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