How to start saving money
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Why it is important to start saving
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How much money should I save?
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What percentege of my income should go to savings?
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Automated processes are transforming tax preparation by eliminating both errors and overtime. Automation the handling of Form 8879, the IRS e-file Signature Authorization, is an easy first-step for firms to take that delivers instant time savings.
What is Form 8879?
Form 8879, known as the IRS e-file Signature Authorization, authorizes the electronic submission of tax returns, ensuring that clients have reviewed and approved their information. Automating the preparation and gathering of Forms 8879 not only simplifies the process but also minimizes the risk of errors, making it a win-win for both tax preparers and clients.
Do States Have Equivalent Forms?
Many states have their own versions of Form 8879, designed to authorize electronic filing of state tax returns. These forms, similar to the federal Form 8879, require electronic signatures to validate the authorization process. However, the acceptance of electronic signatures can vary by state. Tax automation software helps keep firms in compliance by managing the process to meet the requirements of each state they file in.
Automating the Signatures Process for Forms 8879 and State Forms
Liscio programmatically finds each signature page within the client return and places signature boxes for each required signatory, saving valuable minutes per return. It presents the signature pages in an easy-to-review-and-sign manner, ensuring clients can quickly complete their part. Additionally, the software automatically tracks outstanding signatures and follows up with the client, streamlining the entire process and reducing the burden on tax professionals.
Forms 8879 and Knowledge-Based Authentication (KBA)
Knowledge-based authentication (KBA) is often used to enhance the security of electronic signatures on Form 8879. KBA requires clients to answer personal questions to verify their identity before signing. While not always mandatory, it adds an extra layer of security to the electronic signature process.
What Happens if the Client Fails KBA?
If a client fails the KBA process, the IRS requires an alternative verification method such as a wet signature. Liscio makes it easy for clients who fail KBA to print their return, sign it physically, and return it by using a built-in mobile-phone scanning app, to upload the signed document. This approach ensures that all processes remain within the same system, and clients do not need additional equipment beyond a printer.
Handling Multiple Signatures with a Single Email Address
In situations where two signatures are required (e.g., for joint returns) but the client only has a single email address, Liscio offers a flexible workflow meets these client needs. The system can guide each spouse through individual KBAs, allowing them to sign from a single device using a single email link.
Conclusion
Automating the e-File signature process for firms is an easy win for firms and their clients. This type of automation is one piece of an integrated tax automation strategy that stands to eliminate admin-related overtime for tax preparers of all sizes.
