|
Modernized E-File
Modernized e-File (MeF) is an electronic system for filing tax returns with the Internal Revenue Service (IRS) of the United States. The MeF system describes tax forms in terms of XML and supports web-based filing. Modernized e-File was originally introduced in 2004, exclusively for corporate tax returns. Initially, there was only support for Form 1120 and related forms, but each year additional corporate tax forms were supported. Beginning with tax year 2009, the IRS will extend the Modernized e-File program to cover the 1040 series of forms for income tax returns filed by individuals. The IRS expects to accept the first MeF-based individual income tax filings in 2010.{{Cite web, url=https://www.irs.gov/uac/free-file-do-your-federal-taxes-for-free, title=Free File: Do Your Federal Taxes for Free, last=, first=, date=, website=www.irs.gov, publisher=Internal Revenue Service, access-date=2016-09-04 In the initial phase, MeF for individual returns will support form 1040, schedules A, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Return (United States)
Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority. Federal returns Under the Internal Revenue Code returns can be classified as either ''tax returns'' or ''information returns'', although the term "tax return" is sometimes used to describe both kinds of returns in a broad sense. Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040. A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount.Vict ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IRS Tax Forms
Internal Revenue Service (IRS) tax forms are forms used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service of the United States. They are used to report income, calculate taxes to be paid to the federal government, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other tax forms in the United States are filed with state and local governments. Individual forms 1040 As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 he "Long Form" 1040A he "Short Form"and 1040EZ - see below for explanations of each) used for such returns. The first Form 1040 was published for use for the tax years 1913, 1914, and 1915. For 1916, Form 1040 was converted to an annual form (i.e., updated each ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 1040
Form 1040 (officially, the "U.S. Individual Income Tax Return") is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government. Income tax returns for individual calendar year taxpayers are due by Tax Day, which is usually April 15 of the next year, except when April 15 falls on a Saturday, Sunday, or a legal holiday. In those circumstances, the returns are due on the next business day. An automatic extension until October 15 to file Form 1040 can be obtained by filing Form 4868. Form 1040 consists of two pages (23 lines in total) not counting attachments. The first page collects information about the taxpayer(s) and dependents. In particular, the taxpayer specifies his/her filing status on this page. The second page reports income, calculates the allowable deductions and credits, figures the tax due given adjusted i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 1099-R
In the United States, Form 1099-R is a variant of Form 1099 used for reporting on distributions from pensions, annuities, retirement or profit sharing plans, IRAs, charitable gift annuities and Insurance Contracts. Form 1099-R is filed for each person who has received a distribution of $10 or more from any of the above. Some of the items included on the form are the gross distribution, the amount of the distribution that is taxable, the amount withheld for tax purposes, and a code that represents the type of distribution made to plan holder. Filing Form 1099-R must be mailed to the recipients by January 31 and to the IRS by the last day of February. If the custodian files with the IRS electronically, the form is due by March 31. The plan owner, the IRS and the municipal or state tax department (if applicable) all receive a copy of the form. These copies are used to cross-reference individual tax returns to ensure compliance. Any person who receives an erroneous 1099-R form shoul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form W-2
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service. In territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for Guam. If corrections ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
XML Schema (W3C)
XSD (XML Schema Definition), a recommendation of the World Wide Web Consortium (W3C), specifies how to formally describe the elements in an Extensible Markup Language (XML) document. It can be used by programmers to verify each piece of item content in a document, to assure it adheres to the description of the element it is placed in. Like all XML schema languages, XSD can be used to express a set of rules to which an XML document must conform to be considered "valid" according to that schema. However, unlike most other schema languages, XSD was also designed with the intent that determination of a document's validity would produce a collection of information adhering to specific data types. Such a post-validation ''infoset'' can be useful in the development of XML document processing software. History XML Schema, published as a W3C recommendation in May 2001, is one of several XML schema languages. It was the first separate schema language for XML to achieve Recommendation stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Account Data Engine
Customer Account Data Engine (CADE) is the name of two Internal Revenue Service (IRS) tax processing systems, used for filing United States income tax returns. Work on the original CADE, designed to replace the Individual Master File (IMF) system, was begun in 2000 and stopped in 2009. The original CADE is in active use; for instance, in 2009, it was used to process over 40 million tax returns. In 2009, work began on CADE 2, with an initial planned implementation date of 2014 for major functionality. However, CADE 2's major functionality is not expected to be used until 2023 (as of 2021) and the full system is not expected to be implemented until 2030. Development Development of CADE was first discussed in 2000 in the IRS Modernization Plan, with an original operational date of November 1, 2006. Programming and development began in 2003, but actual processing on the system was delayed until 2005. The system initially processed only 1040EZ tax returns, the simplest type of el ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IRS E-file
E-file is a system for submitting tax documents to the US Internal Revenue Service through the Internet or direct connection, usually without the need to submit any paper documents. Tax preparation software with e-filing capabilities includes stand-alone programs or websites. Tax professionals use tax preparation software from major software vendors for commercial use. Of the 139.3 million US returns filed in 2007, 79.98 million (or about 57.4 percent) were filed electronically. In 2010, a total of 129.3 million US returns were filed, and 93.4 million were filed electronically: in three years the percentage of returns filed electronically increased to 72.3 percent of total returns. In 2018, 89% of tax returns were filed electronically. Taxpayers can e-file free using the IRS Free File service, either using an authorized IRS e-file provider's tax software, if eligible, or by using online Free File Fillable Forms from the Free File Alliance. Prior to 2020, the use of a third party w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
