QuickBooks provides you with numerous products and services which help in the smooth working of your business and make all your financial and accounting-related things very well sorted. Adding more convenience to your work here introducing its one more amazing feature e-file i.e. electronic filing. Electronic filing is basically the process by which you can easily submit tax returns over the internet using any preapproved tax preparation software. E-file has an anonymous number of benefits and QuickBooks services make it easier for you to avail all those benefits. Now let’s see how it contributes to making our life easier and faster.
- The first and the most important key benefit of using an e-file is that it saves you a lot of time and money. Now you can file all your taxes from home itself and returns refunds are also much faster than filing paper tax forms.
- It saves a lot of time because it manages to transmit all the data directly into the agency’s computers.
- Also, after the tax filing, you receive a confirmation or rejection notification within 24-48 hours. So that you have proof in both the cases whether your documents have been accepted or rejected.
- E-filing is so easy and user-friendly. E-filing software also reduces the risk of errors and checks on tax & accounts reports automatically. They report in compliance with the standard by processing the data more accurately.
- In case your file gets rejected then the rejected notice you get, includes all the information that needs to be done correctly to make it acceptable for the returns.
How to check that the filing forms method is set to e-file?
Here are few simple and easy steps to check whether your filing forms method is set to e-file or not, the steps are as follows:-
- Go to the employee’s section on QuickBooks desktop and then to the payroll center.
- Now, go to the file forms tab.
- In the “other activities” list, click on “change filing method”.
- Now, highlight the tax you want to review and click on “edit” to open the “filing methods” window.
- Next is, change the filing method to “e-file” if needed.
- Click on finish.
- You can change the filing method by repeating the third step, whenever required.
- Click on “finish later”.
Learn more about: “QuickBooks Pay Stub Template” and “QuickBooks Tool Hub”
How to check that IRS has approved your e-file enrollment?
The steps for the same are as follows:-
- While you send the enrollment information electronically, the secure filing system forwards all the information to IRS.
- Then you receive an e-mail from the filing system which indicates that IRS has received your enrollment request for e-file.
- After this, the IRS verifies your EIN, legal name, contact information, and employees of the company by cross-checking with the records provided.
- If everything goes right then the agency sends you a unique PIN of 10-digit via company’s legal address.
- This 10-digit PIN will be required each time you submit form 94x. So, keep this PIN safe with you at any secure place.
- Make sure to sign and return the PIN acknowledgment to the agency within a given time period.
- In case if your enrollment does not get accepted or gets rejected by the agency due to any reason then you will get the notification via mail provided with all the information on how to correct enrollment and you may re-enroll later on.
Procedure to e-file federal forms 940, 941, and 944 in QuickBooks desktop?
Following these few simple and easy steps you can e-file federal forms 940, 941, and 944, the steps are as follows:-
- Go to employees tab then “payroll tax forms and W-2s” then to “process of payroll forms”.
- Select the “file forms” tab in the “payroll center”.
- Now, select the form you want to file and click on “file form”.
- Click “OK” after selecting the form filing period.
- Click on “check for errors” to review the forms and correct the errors if required.
- Click on the “submit form” button.
- Lastly, select the e-file button and submit the form, following the on-screen instructions.
Advantages of e-filing?
- Saves time- Using e-file is much faster, easier, and more accurate as compared to filing a paper return. Also, the refund returns are processed way much faster than paper-filed returns.
- Proof receipt- You get to receive a notification of whether your file is accepted or rejected and with all the needful information in it so that you can work on the mistakes and re-submit it correctly.
- No errors- E-filing software reduces the chances of errors made as the software allows to check all the tex and accounts reports automatically.
- Confidentiality- E-filing software gives all the needful level of information security and also they are equipped with the latest encryption software in order to protect privacy.
- More accurate
- Saves money
- No duplication
- Convenient
