Tax returns that are filed electronically are processed much faster
at the IRS and refunds are sent to taxpayers much faster.
Paper filed returns must be entered into a computer system by
Internal Revenue Service employees. This process is prone to errors.
As you might expect, data entry is not the easiest job to perform
8 hours per day. A return that is filed electronically is entered
directly into the IRS computer system eliminating data entry errors.
This may possibly eliminate your chance of getting a letter from
the IRS.
Returns that are filed electronically do not require envelopes
or postage, and you eliminate a trip to the post office to mail
your return using the certified and return receipt options. Neither
of these methods tells you that your return has been received
by the IRS. ELF provides an acceptance report from the IRS proving
your return was received. It also eliminates going to the post
office and buying postage.
Refund Anticipation Loans (RAL) are availabile for individuals
who need their refund very quickly. Randy J. Elder, CPA has an
agreement with a local financial institution to offer RAL's to
our clients. RAL's are available within 2 days of the IRS accepting
your return. Fees are associated with the RAL from the bank. Your
tax refund may be deposited into your account using the direct
deposit method from the IRS. This takes approximately 4 weeks.
Randy J. Elder, CPA is planning on filing all returns
using the electronic filing system for the up coming tax season.
The firm will save money by reducing tax preparation time and
elimanting the copy that is normally sent to the IRS. The cost
savings will cover the cost of filing electronically. Our clients
will not have an increase in fees because of our decision
to switch to E-Filing.
