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."

Related items:

 

You may like these other stories...

OECD calls for coordinated fight against corporate tax avoidanceDavid Jolly of the New York Times reported that dozens of countries with the most advanced economies have agreed on principles for concrete action to prevent...
Plan ahead before you buy some shares in a stock mutual fund near yearend, when the fund is about to pay a dividend. It might be better to wait until after the fund goes "ex-dividend," that is, wait until after the...
AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.