Articles

Why Paper is Passé and E-Filing is in when Filing Your Tax Returns by Kenneth J. Strauss, CPA/PFS, CFP


Posted on April 06, 2015

 

Paper is out and electronic filing is in for the 2014 tax season. According to the IRS, e-filing tax returns provides taxpayers with the following benefits:

 

  1. Security. E-filing relies on secure encryption technology that protects taxpayers’ sensitive and personally identifiable information, including social security numbers and financial accounts.
  2. Easy and Convenient. Filing returns electronically eliminates the need to search for a large envelope and costly postage. Moreover, the e-filing software provides an extra level of assurance that returns are free of errors.
  3. Payment flexibility.  Using the IRS’s e-file enables taxpayers to schedule an automatic payment of tax liabilities directly from their bank accounts before the April 15 deadline. Users can also pay due taxes online via debit or credit card.
  4. Faster refunds.  With no forms to mail and the ability to have refunds deposited directly into taxpayer’s bank account, e-filing speeds up taxpayers’ receipts of tax refunds. In most cases, the IRS issues refunds in less than 21 days.

 

In addition to e-filing, taxpayers should work with an accountant that offers secure electronic exchange of tax-related documentation. By maintaining a password-protected portal, firms such as Berkowitz Pollack Brant Advisors and Accountants enable clients to securely store and gain convenient access to proprietary records, including large QuickBook files and scanned receipts and tax forms, 24-hours-a-day, seven-days-a-week in perpetuity.

 

About the Author: Kenneth J. Strauss, CPA/PFS, CFP, is director of the Taxation and Personal Financial Planning practice with Berkowitz Pollack Brant. For more information, call (954) 712-7000 or email info@bpbcpa.com.