A new law requires paid tax return preparers to electronically file federal income tax returns for individuals, trusts, and estates starting January 1, 2011. Previously, IRS has been encouraging e-filing but had not issued the mandate, unlike New York State.
Several years ago, legislation was passed by New York State mandating tax professionals to e-file the New York State income tax return for all clients unless the taxpayer(s) formally opted out of the process. For tax year 2010 and beyond, taxpayers are no longer allowed to opt-out of electronic filing. Therefore, all NY tax returns that are eligible must be electronically filed.
The mandate applies to all New York returns - individuals, fiduciary, and business returns - unless otherwise ineligible for e-filing.
Last year, about 90% of our tax returns were successfully e-filed. In fact, nearly 99 million people used e-file for 2009. E-file supports this growing trend toward electronic tax filing and payment with benefits like faster refunds, greater accuracy, secure and confidential submission, no paper return to mail, and file now pay later availability.
Clients do not need to be concerned about the security, as it is the fastest, safest method for filing a tax return.
In addition, you may opt to have your refund check deposited directly into your financial institution account, which ensures you receive your refund the fastest way possible. You may also elect to use electronic withdrawal to pay any balance due.
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