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IRS announces release date for 1040 modernized e-file program.
- Article from:
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The Tax Adviser
- Article date:
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January 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The IRS has announced a release date of August 2009 for the modernized e-file (MeF) Form 1040. The MeF program is the newest generation IRS e-file computer system. It is currently required for large corporations, partnerships, and exempt entities. The Service expected to receive 1.5 million MeF returns during the 2006 filing season.
Approximately 130 million individual income tax returns are currently filed each year, and close to 54% of these are filed electronically using the existing legacy system. Thus, development of the MeF 1040 for this broader application will require a substantial time and resource commitment by both the IRS and third-party software developers.
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