e-File is open for business

The Internal Revenue Service opened the 2012 electronic tax return filing season today (17 Jan 2012) with a reminder to taxpayers that e-file remains the best way to get fast refunds and ensure accurate tax returns.

With most people receiving a refund, the fastest way to get a refund is by e-filing and using direct deposit to their bank account. Taxpayers can get their money automatically in as few as 10 days in most cases.  In 2011, more than 79 million refunds were electronically deposited into taxpayers’ accounts, saving them a trip to the bank

Also good point to note is that taxpayers should also only use paid preparers who must sign the returns they prepare and enter their Preparer Tax Identification Numbers (PTINs).  Preparers are required to sign the returns they prepare and include their PTINs. Although paid preparers sign returns, taxpayers are legally responsible for the accuracy of every item on their return. Preparers are also required to give taxpayers a copy of their returns.