If you are an employer, then you can easily file tax returns by using e-file. Large and mid-sized corporations are required to file using e-file. Businesses big or small, and self-employed can opt for e-filing over paper filing if they wish to.
E-file is fast becoming the preferred method of filing returns because of the safety it provides, its ease of use, and quick filing. After encouraging individual taxpayers to file their returns through e-file, the IRS is now pushing businesses to use e-file to file returns. E-file allows faster processing of returns, and is safer and faster than paper filing.
The IRS has reported that there has been an increase of business e-file by nearly 10 percent in 2014. This year, an additional 600,000 corporations and partnerships used e-file. The number of corporate and partnerships that e-file their tax returns have doubled in the last four years. There has been an increase in both e-filing by corporations that are required to e-file and also those that opt for e-file this year.
After e-filing a return, the IRS sends an official acknowledgment of the receiving of the return with 48 hours of receiving it. You can pay your taxes by authorizing an electronic withdrawal from your savings or checking account or can use a credit card for the purpose.
According to the type of business and other specifications, you need to find the e-file that suits your requirements. Large and mid-size corporations with $10 million or more in total assets are required to e-file using Forms 1120 or 1120S. You can find an approved IRS e-file on Approved IRS e-file for Business Providers.
Filing and paying taxes electronically is expected to become the norm, as more and more businesses and individual taxpayers are using it for safety, comfort, and faster results.
Labels: IRS, Tax Filing, Tax News, Taxpayers