Tax preparation and filing can often seem like a daunting task whether you’re filing for one, a family, or an entire company. Often a slow process involving increasing paperwork yearly, ensuring you have everything properly completed, together, and ready for submission to the Internal Revenue Service (IRS) can be a painstaking process.
History of E-File
Fortunately, the IRS helped to rectify this situation not too long ago and now almost every tax return can be electronically filed. Instead of rushing to the post office on April 15 in an effort to have your return postmarked and mailed before closing time, you can now opt to have returns filed electronically by licensed professionals.
Electronic filing (E-file) dates back to the mid 1980’s, when the increasing amount of paperwork required to be kept on hand for both preparers and the IRS grew too large. Upkeep and cost to secure all of the required documentation was growing increasingly expensive and something needed to be done.
For these reasons much of the information began to transition from hard copies to electronically stored information. At the time, servers and computers used to hold information were still considerably larger than they are today but much smaller than cumbersome boxes and file cabinets needed to house paperwork for every person and company in America.
As a result, the ability to e-file returns was birthed and by 1990 the IRS rolled out the procedure nation wide. To date, over 1 billion returns have been electronically filed in addition to the IRS allowing refunds to be directly deposited into bank accounts, as opposed to waiting for a check in the mail.
Eliminating the wait on both the filing and refund process to take place over the weeks and sometimes months time period associated with paper filing became an immediate draw to the program from both consumers and professionals. This aspect along with other benefits are why both the taxpayer and IRS benefit from electronic filing
Further, associates can provide evidence of a submission within minutes or hours instead of being left without proof of filing a return. The IRS will acknowledge receipt of all documentation filed electronically noting the date and time of file.
If any errors are detected, a failed receipt will be displayed along with a notification for the error. Often the mistake can be immediately corrected and a successful submission entered within minutes. In the past, three or four days would pass before the error was noticed on paper, then the return would be sent back, corrections made and resent. A past process that took weeks can now be completed in mere minutes if needed.
Come see the experts at Bloch, Rothman, and Associates
who can E-file your return and answer any questions regarding individual or business income taxes while assisting with a variety of bookkeeping options. A full detailed review of your tax situation can be completed in addition to resolution issues and estate compilations. All services, including free of charge E-filing options
will be completed in a timely manner, depending on your restrictions and possible tax deadlines. Whether you need a simple explanation on a random tax form or are in need of a variety of other services our tax experts are ready and willing to assist. Call 303-321-7160 or contact us
for a free, no obligation consultation.