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ERO TRAINING

ERO TRAINING. Modernized eFile (MeF ). What’s Is MeF. MeF is a new system for the processing of efiles by the IRS. TaxWise 2010 will begin phasing in Modernized eFile (MeF) in the 2011 filing season. MeF is real time, individual return processing vs. batching the returns for processing.

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ERO TRAINING

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  1. ERO TRAINING Modernized eFile (MeF)

  2. What’s Is MeF • MeF is a new system for the processing of efiles by the IRS. • TaxWise 2010 will begin phasing in Modernized eFile (MeF)in the 2011 filing season. • MeF is real time, individual return processing vs. batching the returns for processing.

  3. Modernized eFile (MeF) • TaxWise 2010 will use both Modernized eFile (MeF) andlegacy processing in the 2011 filing season. • TW 2010 will automatically pick the processing system based on the forms used in each return.

  4. Modernized eFile (MeF) • Forms that Modernized eFile (MeF) will process in the 2011 • Returns with a Form not on this list will be processed by the legacy system

  5. Modernized eFile (MeF) • Modernized eFile (MeF) uses a Submission ID that is created when the efile is created, rather than a DCN. • A new Submission ID when the new efile is created. • Either a Submission IDs or DCN will print on the Form 8879 when return is prepared. • There will be a new eFile Submission Report that will list both Submission IDs and DCNs

  6. MeF Advantages • Faster acknowledgements • From the IRS - 5 to 10 minutes • From TaxWise when processing is completed usually within an hour • Specific explanation of errors (rejected returns) • MeF allows attachments in pdf

  7. MeF Advantages • Prior year returns MeF will eventually accept returns from two prior year, but not this season. • Amended Returns Will accept amended returns next season Tax Year 2011. • Ability to eFile State returns when a Fed Return is not required

  8. ERO TRAINING QUESTIONS? COMMENTS?

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