IRS encourages individuals, small businesses, tax practitioners to file returns electronically. (tax info).
The IRS 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 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 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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|Article Type:||Brief Article|
|Date:||Feb 1, 2003|
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