E-filing mandate tightens for firms handling fiduciary tax returns

Starting with the 2012 tax season, any firm filing more than 10 Federal fiduciary income tax returns will be required to file electronically, under the Worker, Homeownership, and Business Assistance Act of 2009. In addition, filers of New York State fidiciary income tax returns will face the same requirement. This change will impact thousands of firms next tax season.

Thomson Reuters recently enhanced its ONESOURCE Trust & Estate Administration software to include e-filing capabilities for the Federal fiduciary income tax and New York state fiduciary income tax returns (1041 & NY IT-205). The upgrade is designed to meet the complicated demands of trust, estate, legal, and banking professionals who work with fiduciary accounting and returns.

"In addition to the ease and efficiency of clicking a button to e-file, all pertinent income tax related transactions can be seamlessly imported into our Fiduciary Income Tax software from our flagship Fiduciary Accounting Software (FAS)," said George Barnabic, vice president of ONESOURCE Trust & Estate Administration, Thomson Reuters. "This will save our clients many hours of manual data entry."

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