January 5, 2012 9:13 am

Electronic Filing Continues to Increase

In 2011, there was a 14% increase in e-filing, according to the IRS Oversight Board’s 2011 Annual Report to Congress on Electronic Filing. Seventy-eight percent of all individual returns were e-filed in 2011. The expectation for the 2012 filing season (for 2011 income tax returns) is 80% e-filing. E-filing also includes the use of the mobile application, IRS2GO, for submitting a 1040EZ with a smartphone.

Because of increased e-filing, the IRS no longer mails out paper returns and instructions to taxpayers in December. Forms and instructions can be found on the IRS website.

Source: IRS Oversight Board 2011 Annual Report to Congress on Electronic Filing

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Tax Glossary

Nonrecourse financing

Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.

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