Individual, business e-file show strong gains in 2007
Individual and corporate taxpayers in California are using e-file in record numbers in 2007.
The biggest gain comes from business e-filers. As of March 15, there were 192,407 business returns filed. Business e-file, in just its second year, totals 8,084, a 271 percent increase from the same period in 2006. For 2007, FTB accepts Form 565 (Partnership), Form 568 (Limited Liability Company), and Form 100S (S-corporation) returns, along with current and prior year Form 100.
Another big increase in Individual e-filing
By March 29, 2007, with a little less than one month before the state tax-filing deadline, more than 76 percent of individual state income tax returns filed were received electronically. While the overall percentage is expected to drop by the April 17 deadline, FTB projects that its e-file figures will hit a record high this year.
As of March 15, 6.3 million state tax returns had been filed so far in 2007. Of that total, more than 4.8 million were received electronically. FTB's CalFile program, which offers free, direct, online filing, was up 18.7 percent over 2006.
Not only are taxpayers filing their returns electronically, more of them than ever are receiving their refunds electronically through Direct Deposit, and paying their tax liabilities online. Through March 14, more than 2.3 million refunds, amounting to $1.9 billion have been issued via Direct Deposit, an increase of 11 percent over last year.
Save even more time - pay balances due electronically
Encourage your clients to pay electronically. There are numerous options, from electronic funds withdrawal, to paying by credit card. See related article "How to make e-filing even easier" in this issue.