The Internal Revenue Services has scanned 120,000 paper version of Form 940 this season, the agency said the week. And under Digital Intake programw, scanning wiill soon be epanded to paper 1040s and 941s.
The 940 effort represents a twenty-fold increase in volume scanned over all of 2022. The IRS is working with the Treasury's Bureau of the Fiscal Service and Lockbox Financial Agents to expand the program.
:Lockbox Financial Agents are banks that specialize in payment processing but until now have not scanned and processed tax forms. Under the Lockbox project, paper returns are scanned on-site and e-filed.
Digital Intake with Industry Partners involves extracting machine-readable information from paper tax returns and then e-files those returns.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind