Completing Form 720, which is the Quarterly Federal Excise Tax Return, is one of the most vital processes for companies that transact taxed goods and offer regulated services. Though it has been several years since the traditional paper filing system was utilized, the IRS now pushes for e-filing to a greater extent because it is more efficient and secure. If you are still filling the documents using paper, here are some reasons that serve purpose for changing your filing process to electronic way (e-filing).
1.Faster Processing & Immediate Confirmation
After e-filing Form 720, you do not have to worry about subsequent steps as the IRS begins processing your submission immediately without any further delays. E-filers get their e-confirmation within minutes as compared to paper based filers who receive it after a couple of days or weeks. During both times, there is a chance of increased processing complexity and inaccuracy.
2.Reduced Risk of Errors
With an e-filing solution, there is no anxiety about filing mistakes since almost all modern e-filing solution services set out rules for avoiding mistakes and check the returns for missing details and other issues that would increase the chances of IRS rejection or fines. Human error in paper filing ranges from incorrect calculations or fields left blank, all of which take longer to process than e-filing.
3.Secure & Convenient Submission Focusing on safety,
A paperless e-filing system reduces the likelihood of losing your paperwork by submitting your form 720 on a traffic protected server. Forms are automatically secured, meaning they cannot be lost or retrieved by unauthorized individuals.
4.Saves Time & Resources
There is no need for printing, mailing, and manual maneuvering. Submitting tax returns is not limited to office hours, meaning businesses can file whenever is most convenient since all that is required is an internet connection.
5.Easier Record-Keeping & Future Filing
Filing e-form 720 is a user-friendly process, enabling and helping you to effortlessly make future estimations, modifications and corrections with the help of a backup system. In case of an IRS audit or other reason, all that is required is a click without the digging through stacks of papers.
Side effects of making mistakes such as errors are all but removed as you would receive instant confirmation. Submission also becomes a fully automated process and any compliance checks by the IRS becomes an incredibly simple process for businesses.
If you’re still filing paper forms, it’s time to change to a more efficient way and adopt online form filing!
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