With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service recently urged business owners to take advantage of the speed and convenience of filing these returns electronically.
IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns.
“E-filing saves taxpayers time by performing calculations and populating forms and schedules using a step-by-step interview process,” the IRS said in a statement.
“Once submitted, the information is quickly available to the IRS thus reducing processing time.”
E-filing is the most accurate method to file returns, the IRS said.
Those who e-file receive missing information alerts.
Electronically filed returns have fewer errors, which reduces a taxpayer’s chance of receiving an IRS notice, the IRS said.
The IRS requires all authorized IRS e-file providers to ensure only authorized users have access to secure information.
The IRS acknowledges receipt of e-filed returns within 24 hours. The agency retains the information on the tax return, making it accessible to the filer or tax professional around the clock. Unlike filing a return on paper, e-filing assures the filer that the tax return is with the IRS and not misplaced or lost in the mail.
For more information, see irs.gov