Are you currently filing your tax returns electronically? Congress recently passed legislation that will require tax return preparers to e-file all income tax returns for individuals, estates and trusts. This rule goes into effect for returns filed after December 31, 2010. Individuals who file their own returns will still have the option of e-filing or paper filing.
Currently, certain tax returns are ineligible for e-filing. In most cases, these returns require documentation to be attached to the return. For example, taxpayers claiming the first-time homebuyer credit now have to attach the settlement statements to their returns and are ineligible for e-filing. It remains to be seen whether exceptions to the mandatory e-file rule will be made available.
It is also uncertain what the enforcement actions will be. The legislation does not provide for sanctions in the event of noncompliance. Further guidance will likely come as the effective date approaches.
Although not required for returns filed prior to 2011, we are encouraging our clients to e-file their 2009 returns now being prepared. E-filing can result in speedier refunds, as the mailing and data entry time is eliminated. Note that e-filing does not require you to pay any balance due when you file, you can still wait until April 15 to pay.
Don’t procrastinate on this one. E-file your tax returns today!
About Blackman & Sloop CPAs, P.A. :
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA cpa@blackmansloop.com
Toll Free: 1-877-854-7530 The Exchange West 1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517