What are the benefits of e-file?
A2. e-file results in benefits for both IRS and taxpayers, including: More Explicit Error Conditions – New error code explanations pinpoint the location of the error in the return and provide complete information in the Acknowledgement File. Faster acknowledgements – Transmissions are processed upon receipt and acknowledgments are returned in near real-time. No more waiting for once or twice daily system processing cycles. Integrated Payment Option – Owe Taxes? – You can e-file a balance due return and, at the same time, authorize an electronic funds withdrawal from you bank account. Payments are subject to limitations of the Federal Tax Deposit Rules. Elimination of Duplicate Submissions – When forms listed below are included as part of a Form 1120/1120S return filed electronically, the requirement to submit duplicate copies of the forms to the Philadelphia Submission Processing Center (PSPC) is eliminated.
These are the benefits of e-filing: • Convenience. You can electronically file 24 hours a day, 7 days a week. • Security. Your tax return information is encrypted and transmitted over secure lines to ensure confidentiality. • Accuracy. Electronic filed returns have 13 percent fewer errors than paper returns. • Direct Deposit. You can have your refund direct deposited into your bank account. • Proof of Filing. An acknowledgment is issued when your return is received and accepted.
E-file is faster, easier and more accurate than filing a paper return. E-file makes compliance with reporting and disclosure requirements easier by eliminating the need to make copies, assemble all of the appropriate schedules and attachments, and pay for postage. Organizations can comply with public disclosure requirements by posting electronic forms on the web. E-file results in benefits for both IRS and taxpayers, including: • More explicit error conditions – New error code explanations pinpoint the location of the error in the return and provide complete information in the Acknowledgement File. • Faster acknowledgements – Transmissions are processed upon receipt and acknowledgments are returned in near real-time, but no longer than 24 hours. No more waiting for once or twice daily system processing cycles. • Built-in accuracy checks – Paper Form 990 returns have an average error rate of more than 25 percent. Built-in accuracy checks in electronic return preparation software catch t
• Faster refund • E-Filing is as quick as a click! • Achieve more accurate returns with less errors as software performs checks and verifies calculations • You can E-File around the clock, 24/7! • The only way to Direct Deposit your NC refund is to E-File • Acknowledgement that return has been received • File Federal and State returns at the same time or separately • You may file a balance due return and wait until the due date to pay the tax without incurring penalties or interest • No paper return to mail, no stamps, no long post office lines!
