Electronic Filing
What It Is:
Electronic filing, or e-File, is the online tax return filing system developed by the Internal Revenue Service (IRS)
How It Works/Example:
Individual taxpayers, businesses, large and mid-sized corporations, and non-profits can file their required tax returns, including quarterly filings, directly online with the IRS through its automated e-File system.
The e-File system allows taxpayers to make payments from a credit or debit card, or through the U.S. Treasury's Electronic Federal Tax Payment System (EFTPS).
Why It Matters:
Electronic filing allows for faster tax return filing, review, payment processing and refunds. Overall, the e-File system is a lower-cost alternative compared with paper form mailings, processing, and check mailings, saving money and time for both the IRS and the taxpayer.
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Cached on May 24, 2012, 12:12 pm