What are the benefits of using EFAST2-approved third-party software instead of IFILE?
Historically, 90 percent of filers have used approved third-party software. Continuing to use approved third-party software will provide you with continuity in the switch to the new system, which should help minimize the possibility of technical issues. IFILE cannot be used to transmit batches of filings; it can only be used to transmit single filings. Many third-party preparers benefit from transmitting batches of filings. Some EFAST2-approved third-party software may support transmission of batches of filings. IFILE does not help you prepare an annual return/report. Some EFAST2-approved third-party software may integrate with your systems to automatically populate some of the information required. IFILE does not contain filing assistance or integrated instructions. Some EFAST2-approved third-party software may provide such value-added support. IFILE does not allow more than one individual to edit a filing without exporting, downloading, importing, etc. (see questions 20 and 30); wher
IFILE cannot be used to transmit batches of filings; it can only be used to transmit single filings. Many third-party preparers benefit from transmitting batches of filings. Some EFAST2-approved third-party software may support transmission of batches of filings. IFILE does not help you prepare an annual return/report. Some EFAST2-approved third-party software may integrate with your systems to automatically populate some of the information required. IFILE does not contain filing assistance or integrated instructions. Some EFAST2-approved third-party software may provide such value-added support. IFILE does not allow more than one individual to edit a filing without exporting, downloading, importing, etc. (see questions 20 and 30); whereas, some EFAST2-approved third-party software may provide such file sharing functionality. With file sharing as part of the software, different people can work on a single filing in a coordinated and streamlined manner.
Related Questions
- If I am using EFAST2-approved third-party software to prepare a filing for a client, how do I provide the plan sponsor/administrator signature (PIN) in the submission?
- If I am completing a Form 5500 or Form 5500-SF using an EFAST2-approved third-party software program, will I need to register for EFAST2 electronic credentials?
- What are the main benefits of purchasing Software Assurance (SA)?
