Do I need an EFIN to use Drake Tax Software? (2024)

Do I need an EFIN to use Drake Tax Software?

To e-file through Drake Tax you must have a regular EFIN, not an online filer EFIN. Online filer EFINs begin with 10, 21, 32, 44 or 53 and cannot be used when e-filing from Drake Tax.

Do I need EFIN to purchase a tax software?

All tax preparation business must be equipped with an EFIN since the IRS requires any businesses that files more than 10 tax returns to use their eFile Services. Even before you could purchase any tax preparation software, an EFIN is a requirement.

How many tax returns can I file without an EFIN?

If an individual wants to prepare and electronically file more than five (5) tax returns, the IRS requires that individual obtain an EFIN (Electronic Filing Identification Number).

What is Drake tax prerequisites?

2 GB of available hard drive space (actual space requirements will vary based on the number of clients you serve) Monitor. Capable of 1024 x 768 screen resolution. Internet connection. Internet access is required for certain features, such as e-file, software updates, online help, and PPR purchases.

Who needs an EFIN number?

Providers need an EFIN to electronically file tax returns. We assign an EFIN to identify firms that have completed the IRS e-file Application to become an Authorized IRS e-file Provider.

How much is an EFIN number?

Obtaining an EFIN from the IRS is free. However, you may have to get fingerprinted and pass a “suitability check.” Fingerprinting usually costs around $50. The IRS can take up to 45 days to process an EFIN application, so get your application in now to make sure you receive your EFIN before tax season starts.

How long does it take to get an EFIN number?

How long does it take to get an EFIN? The EFIN process typically takes about 45 days, so be sure to get started well in advance of tax season.

What disqualifies you from getting an EFIN?

Your application will be primarily evaluated on the basis of your criminal record and your current status in terms of compliance with tax regulations.To proceed, you should apply for an EFIN through the IRS e-Services. It's advisable to be transparent about your past felony conviction in your application.

What is the difference between EIN and EFIN?

Note: A federal employment identification number (FEIN) is the same thing as an employer identification number (EIN). The only exception to this rule is when someone uses the abbreviation EIN to refer to a state tax identification number.

Can a paid preparer use TurboTax?

TurboTax is only licensed for personal use, and it is not compliant with IRS regulations for paid preparers. Intuit offers ProSeries, ProConnect, and Lacerte Tax software, which are IRS-compliant for tax professionals who are filing multiple returns.

What bank does Drake tax software use?

What is Drake tax software?

Drake Tax is a tax management software designed to help small to midsize accounting businesses manage returns for clients via a unified portal. It includes shortcut keys and macros, which enables tax professionals to streamline data entry operations.

How do you verify fields in Drake tax?

How do I verify a field marked as unverified using Drake Zero? To clear a green unverified field in Drake Zero, right-click in the field to open the field options. Choose the blue link Verify Field. Verify the information, and then click OK.

Is it easy to get an EFIN number?

To obtain an EFIN, first you have to apply to become an Authorized e-file provider by the IRS. This process may take up to 45 days.

Can I use my SSN instead of PTIN?

A preparer tax identification number, or PTIN, is a substitute for a tax professional's Social Security number (SSN). The PTIN is required for all paid preparers of individual income tax returns.

Does an EFIN number expire?

Once issued, an EFIN does not expire. However, if you change your Employer Identification Number (EIN) or the name of your firm, you will have to either get a new one or update it through the online portal. It's important to note: everybody who prepares taxes needs a PTIN. However, only your firm needs an EFIN.

Why was my EFIN application rejected?

Common reasons an EFIN application is denied include incomplete or inaccurate information, failure to meet eligibility criteria, or previous non-compliance issues. Understanding the specific grounds for rejection/denial will help you develop a stronger case during the appeal process.

What is the difference between EFIN and ERO PIN?

Electronic Filing Identification Number (EFIN): A six-digit ID number assigned by the IRS for e- filing. Electronic Return Originator (ERO): An authorized IRS e-file provider that originates the electronic submission of returns to the IRS.

Do I have to get a new EFIN if I change my business name?

Only active, non-demo accounts can change the company/firm name on file. When an entity changes, the IRS requires a new EFIN. You can apply for the new EFIN from the e-Services website.

Can I use someone else's EFIN?

No, you can't. You can only transmit tax returns electronically to the IRS if you have a valid EFIN. If you don't have an EFIN on your own but your firm is part of a business-related group of another ERO, that ERO may sponsor you for a separate EFIN, which you may use to transmit returns using PTO.

Is it hard to do your own taxes?

Although the United States tax code is a complex one, it's not difficult to do your taxes on your own. That is, as long as you use a quality software solution to guide you through the process. Consider signing up for TurboTax, H&R Block or another leading software solution now to get started.

What is a six digit EFIN?

EFIN stands for Electronic Filing Identification Number. It is a 6-digit number assigned by the IRS to any office that electronically files tax returns. An EFIN is unique to each office and is an easy way for us to identify your location and where additional blank tax checks should be shipped.

Why can't I electronically file my taxes?

Returns can't be e-filed if they: Contain overrides. Have no taxable income. Contain a W-2 where box 1 is blank or the box 16 amount is greater than the box 1 amount.

Can I have more than one EFIN number?

There must be an EFIN application for each office location; if you expand your business, an application is required for each location where e-file transmissions will occur.

What forms does IRS not accept electronically?