Discussion:Mandatory e-File

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(The new law amen)
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What effect does this have on RIA’s “no sanction” statement? What effect does this have on RIA’s “no sanction” statement?
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 +{{ForumReplyPost|UserID=Death&Taxes|Date=6 November 2009|Text=That particular regulation seems to deal with information returns (note the Code sections mentioned) - we shall see if RIA speaks too soon, but they went on to say the writers felt their requirement would have a negligible effect on revenue but might free up more IRS personnel and make the service more efficient.
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Revision as of 18:26, 6 November 2009

Discussion Forum Index --> Basic Tax Questions --> Mandatory e-File
Discussion Forum Index --> Tax Questions --> Mandatory e-File

WBR (talk|edits) said:

6 November 2009
Just read an article on WebCPA.com that Congress is going to mandate all preparers who file greater than 10 returns to e-file prepared after December 31, 2010. Any thoughts?

TAXBILLY (talk|edits) said:

6 November 2009
It's in the new law that the President will sign today.

taxbilly

Death&Taxes (talk|edits) said:

6 November 2009
What will Mr. Wood do? Discussion: Tax Lawyer commits heresy?

We have a recent discussion on Hedge Fund K-1s that often contain admonitions that such and such form must be filed [926, 8621] which my software does not even include, and which do not appear on the list of forms to attach to 8453. This year for one client, we efiled in September then amended before October 15th to include 16 Forms 8621.

WIBadgerCPA (talk|edits) said:

6 November 2009
Already required in Wisconsin

Walking Spanish (talk|edits) said:

6 November 2009
Phase 3 of Modernized E-file, which is scheduled for implementation for the 2011 tax year, will allow scanned attachments to electronically transmitted 1040's.

WBR (talk|edits) said:

6 November 2009
What about late filed returns and amended returns? Still paper in 2011?

Walking Spanish (talk|edits) said:

6 November 2009
I know that the system will be available year-round, but I'm not sure how late you will be able to file a return.

I think amended returns will be included, but I can't remember all of the details. The larger question is, will our software be ready? I've wanted to e-file 1041's for years, but ProSeries doesn't support it.

I'm too busy to research today, but perhaps someone can find a link to MeF enhancements?

Death&Taxes (talk|edits) said:

6 November 2009
RIA writes: "There is no sanction for failure to comply with this change."

DaveFogel (talk|edits) said:

6 November 2009
The new law amends IRC §6011(e). Treas. Reg. §301.6011-2(f) states (in part), “(f) Failure to file.—If a person fails to file an information return on magnetic media when required to do so by this section, the person is deemed to have failed to file the return.”

What effect does this have on RIA’s “no sanction” statement?

Death&Taxes (talk|edits) said:

6 November 2009
That particular regulation seems to deal with information returns (note the Code sections mentioned) - we shall see if RIA speaks too soon, but they went on to say the writers felt their requirement would have a negligible effect on revenue but might free up more IRS personnel and make the service more efficient.
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