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Amend 2011 Federal Return

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Amend 2011 Federal Return

Amend 2011 federal return 2. Amend 2011 federal return   Entertainment Table of Contents Directly-Related Test Associated TestMeetings at conventions. Amend 2011 federal return 50% LimitExceptions to the 50% Limit What Entertainment Expenses Are Deductible?A meal as a form of entertainment. Amend 2011 federal return Deduction may depend on your type of business. Amend 2011 federal return Exception for events that benefit charitable organizations. Amend 2011 federal return Food and beverages in skybox seats. Amend 2011 federal return What Entertainment Expenses Are Not Deductible?Out-of-pocket expenses. Amend 2011 federal return You may be able to deduct business-related entertainment expenses you have for entertaining a client, customer, or employee. Amend 2011 federal return The rules and definitions are summarized in Table 2-1 . Amend 2011 federal return You can deduct entertainment expenses only if they are both ordinary and necessary and meet one of the following tests. Amend 2011 federal return Directly-related test. Amend 2011 federal return Associated test. Amend 2011 federal return Both of these tests are explained later. Amend 2011 federal return An ordinary expense is one that is common and accepted in your trade or business. Amend 2011 federal return A necessary expense is one that is helpful and appropriate for your business. Amend 2011 federal return An expense does not have to be required to be considered necessary. Amend 2011 federal return The amount you can deduct for entertainment expenses may be limited. Amend 2011 federal return Generally, you can deduct only 50% of your unreimbursed entertainment expenses. Amend 2011 federal return This limit is discussed later under 50% Limit. Amend 2011 federal return Directly-Related Test To meet the directly-related test for entertainment expenses (including entertainment-related meals), you must show that: The main purpose of the combined business and entertainment was the active conduct of business, You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit at some future time. Amend 2011 federal return Business is generally not considered to be the main purpose when business and entertainment are combined on hunting or fishing trips, or on yachts or other pleasure boats. Amend 2011 federal return Even if you show that business was the main purpose, you generally cannot deduct the expenses for the use of an entertainment facility. Amend 2011 federal return See Entertainment facilities under What Entertainment Expenses Are Not Deductible? later in this chapter. Amend 2011 federal return You must consider all the facts, including the nature of the business transacted and the reasons for conducting business during the entertainment. Amend 2011 federal return It is not necessary to devote more time to business than to entertainment. Amend 2011 federal return However, if the business discussion is only incidental to the entertainment, the entertainment expenses do not meet the directly-related test. Amend 2011 federal return Table 2-1. Amend 2011 federal return When Are Entertainment Expenses Deductible? General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Amend 2011 federal return Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. Amend 2011 federal return An ordinary expense is one that is common and accepted in your trade or business. Amend 2011 federal return A necessary expense is one that is helpful and appropriate. Amend 2011 federal return Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. Amend 2011 federal return   Associated test Entertainment is associated with your trade or business, and Entertainment is directly before or after a substantial business discussion. Amend 2011 federal return Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. Amend 2011 federal return You cannot deduct expenses that are lavish or extravagant under the circumstances. Amend 2011 federal return You generally can deduct only 50% of your unreimbursed entertainment expenses (see 50% Limit ). Amend 2011 federal return You do not have to show that business income or other business benefit actually resulted from each entertainment expense. Amend 2011 federal return Clear business setting. Amend 2011 federal return   If the entertainment takes place in a clear business setting and is for your business or work, the expenses are considered directly related to your business or work. Amend 2011 federal return The following situations are examples of entertainment in a clear business setting. Amend 2011 federal return Entertainment in a hospitality room at a convention where business goodwill is created through the display or discussion of business products. Amend 2011 federal return Entertainment that is mainly a price rebate on the sale of your products (such as a restaurant owner providing an occasional free meal to a loyal customer). Amend 2011 federal return Entertainment of a clear business nature occurring under circumstances where there is no meaningful personal or social relationship between you and the persons entertained. Amend 2011 federal return An example is entertainment of business and civic leaders at the opening of a new hotel or play when the purpose is to get business publicity rather than to create or maintain the goodwill of the persons entertained. Amend 2011 federal return Expenses not considered directly related. Amend 2011 federal return   Entertainment expenses generally are not considered directly related if you are not there or in situations where there are substantial distractions that generally prevent you from actively conducting business. Amend 2011 federal return The following are examples of situations where there are substantial distractions. Amend 2011 federal return A meeting or discussion at a nightclub, theater, or sporting event. Amend 2011 federal return A meeting or discussion during what is essentially a social gathering, such as a cocktail party. Amend 2011 federal return A meeting with a group that includes persons who are not business associates at places such as cocktail lounges, country clubs, golf clubs, athletic clubs, or vacation resorts. Amend 2011 federal return Associated Test Even if your expenses do not meet the directly-related test, they may meet the associated test. Amend 2011 federal return To meet the associated test for entertainment expenses (including entertainment-related meals), you must show that the entertainment is: Associated with the active conduct of your trade or business, and Directly before or after a substantial business discussion (defined later). Amend 2011 federal return Associated with trade or business. Amend 2011 federal return   Generally, an expense is associated with the active conduct of your trade or business if you can show that you had a clear business purpose for having the expense. Amend 2011 federal return The purpose may be to get new business or to encourage the continuation of an existing business relationship. Amend 2011 federal return Substantial business discussion. Amend 2011 federal return   Whether a business discussion is substantial depends on the facts of each case. Amend 2011 federal return A business discussion will not be considered substantial unless you can show that you actively engaged in the discussion, meeting, negotiation, or other business transaction to get income or some other specific business benefit. Amend 2011 federal return   The meeting does not have to be for any specified length of time, but you must show that the business discussion was substantial in relation to the meal or entertainment. Amend 2011 federal return It is not necessary that you devote more time to business than to entertainment. Amend 2011 federal return You do not have to discuss business during the meal or entertainment. Amend 2011 federal return Meetings at conventions. Amend 2011 federal return   You are considered to have a substantial business discussion if you attend meetings at a convention or similar event, or at a trade or business meeting sponsored and conducted by a business or professional organization. Amend 2011 federal return However, your reason for attending the convention or meeting must be to further your trade or business. Amend 2011 federal return The organization that sponsors the convention or meeting must schedule a program of business activities that is the main activity of the convention or meeting. Amend 2011 federal return Directly before or after business discussion. Amend 2011 federal return   If the entertainment is held on the same day as the business discussion, it is considered to be held directly before or after the business discussion. Amend 2011 federal return   If the entertainment and the business discussion are not held on the same day, you must consider the facts of each case to see if the associated test is met. Amend 2011 federal return Among the facts to consider are the place, date, and duration of the business discussion. Amend 2011 federal return If you or your business associates are from out of town, you must also consider the dates of arrival and departure, and the reasons the entertainment and the discussion did not take place on the same day. Amend 2011 federal return Example. Amend 2011 federal return A group of business associates comes from out of town to your place of business to hold a substantial business discussion. Amend 2011 federal return If you entertain those business guests on the evening before the business discussion, or on the evening of the day following the business discussion, the entertainment generally is considered to be held directly before or after the discussion. Amend 2011 federal return The expense meets the associated test. Amend 2011 federal return 50% Limit In general, you can deduct only 50% of your business-related meal and entertainment expenses. Amend 2011 federal return (If you are subject to the Department of Transportation's “hours of service” limits, you can deduct 80% of your business-related meal and entertainment expenses. Amend 2011 federal return See Individuals subject to “hours of service” limits , later. Amend 2011 federal return ) The 50% limit applies to employees or their employers, and to self-employed persons (including independent contractors) or their clients, depending on whether the expenses are reimbursed. Amend 2011 federal return Figure A summarizes the general rules explained in this section. Amend 2011 federal return The 50% limit applies to business meals or entertainment expenses you have while: Traveling away from home (whether eating alone or with others) on business, Entertaining customers at your place of business, a restaurant, or other location, or Attending a business convention or reception, business meeting, or business luncheon at a club. Amend 2011 federal return Included expenses. Amend 2011 federal return   Expenses subject to the 50% limit include: Taxes and tips relating to a business meal or entertainment activity, Cover charges for admission to a nightclub, Rent paid for a room in which you hold a dinner or cocktail party, and Amounts paid for parking at a sports arena. Amend 2011 federal return However, the cost of transportation to and from a business meal or a business-related entertainment activity is not subject to the 50% limit. Amend 2011 federal return Figure A. Amend 2011 federal return Does the 50% Limit Apply to Your Expenses? There are exceptions to these rules. Amend 2011 federal return See Exceptions to the 50% Limit . Amend 2011 federal return Please click here for the text description of the image. Amend 2011 federal return Figure A. Amend 2011 federal return Does the 50% limit apply to Your Expenses?TAs for Figure A are: Notice 87-23; Form 2106 instructions Application of 50% limit. Amend 2011 federal return   The 50% limit on meal and entertainment expenses applies if the expense is otherwise deductible and is not covered by one of the exceptions discussed later. Amend 2011 federal return   The 50% limit also applies to certain meal and entertainment expenses that are not business related. Amend 2011 federal return It applies to meal and entertainment expenses you have for the production of income, including rental or royalty income. Amend 2011 federal return It also applies to the cost of meals included in deductible educational expenses. Amend 2011 federal return When to apply the 50% limit. Amend 2011 federal return   You apply the 50% limit after determining the amount that would otherwise qualify for a deduction. Amend 2011 federal return You first have to determine the amount of meal and entertainment expenses that would be deductible under the other rules discussed in this publication. Amend 2011 federal return Example 1. Amend 2011 federal return You spend $200 for a business-related meal. Amend 2011 federal return If $110 of that amount is not allowable because it is lavish and extravagant, the remaining $90 is subject to the 50% limit. Amend 2011 federal return Your deduction cannot be more than $45 (50% × $90). Amend 2011 federal return Example 2. Amend 2011 federal return You purchase two tickets to a concert and give them to a client. Amend 2011 federal return You purchased the tickets through a ticket agent. Amend 2011 federal return You paid $200 for the two tickets, which had a face value of $80 each ($160 total). Amend 2011 federal return Your deduction cannot be more than $80 (50% × $160). Amend 2011 federal return Exceptions to the 50% Limit Generally, business-related meal and entertainment expenses are subject to the 50% limit. Amend 2011 federal return Figure A can help you determine if the 50% limit applies to you. Amend 2011 federal return Expenses not subject to 50% limit. Amend 2011 federal return   Your meal or entertainment expense is not subject to the 50% limit if the expense meets one of the following exceptions. Amend 2011 federal return 1 - Employee's reimbursed expenses. Amend 2011 federal return   If you are an employee, you are not subject to the 50% limit on expenses for which your employer reimburses you under an accountable plan. Amend 2011 federal return Accountable plans are discussed in chapter 6. Amend 2011 federal return 2 - Self-employed. Amend 2011 federal return   If you are self-employed, your deductible meal and entertainment expenses are not subject to the 50% limit if all of the following requirements are met. Amend 2011 federal return You have these expenses as an independent contractor. Amend 2011 federal return Your customer or client reimburses you or gives you an allowance for these expenses in connection with services you perform. Amend 2011 federal return You provide adequate records of these expenses to your customer or client. Amend 2011 federal return (See chapter 5 . Amend 2011 federal return )   In this case, your client or customer is subject to the 50% limit on the expenses. Amend 2011 federal return Example. Amend 2011 federal return You are a self-employed attorney who adequately accounts for meal and entertainment expenses to a client who reimburses you for these expenses. Amend 2011 federal return You are not subject to the directly-related or associated test, nor are you subject to the 50% limit. Amend 2011 federal return If the client can deduct the expenses, the client is subject to the 50% limit. Amend 2011 federal return If you (as an independent contractor) have expenses for meals and entertainment related to providing services for a client but do not adequately account for and seek reimbursement from the client for those expenses, you are subject to the directly-related or associated test and to the 50% limit. Amend 2011 federal return 3 - Advertising expenses. Amend 2011 federal return   You are not subject to the 50% limit if you provide meals, entertainment, or recreational facilities to the general public as a means of advertising or promoting goodwill in the community. Amend 2011 federal return For example, neither the expense of sponsoring a television or radio show nor the expense of distributing free food and beverages to the general public is subject to the 50% limit. Amend 2011 federal return 4 - Sale of meals or entertainment. Amend 2011 federal return   You are not subject to the 50% limit if you actually sell meals, entertainment, goods and services, or use of facilities to the public. Amend 2011 federal return For example, if you run a nightclub, your expense for the entertainment you furnish to your customers, such as a floor show, is not subject to the 50% limit. Amend 2011 federal return 5 - Charitable sports event. Amend 2011 federal return   You are not subject to the 50% limit if you pay for a package deal that includes a ticket to a qualified charitable sports event. Amend 2011 federal return For the conditions the sports event must meet, see Exception for events that benefit charitable organizations under What Entertainment Expenses Are Deductible?, later. Amend 2011 federal return Individuals subject to “hours of service” limits. Amend 2011 federal return   You can deduct a higher percentage of your meal expenses while traveling away from your tax home if the meals take place during or incident to any period subject to the Department of Transportation's “hours of service” limits. Amend 2011 federal return The percentage is 80%. Amend 2011 federal return   Individuals subject to the Department of Transportation's “hours of service” limits include the following persons. Amend 2011 federal return Certain air transportation workers (such as pilots, crew, dispatchers, mechanics, and control tower operators) who are under Federal Aviation Administration regulations. Amend 2011 federal return Interstate truck operators and bus drivers who are under Department of Transportation regulations. Amend 2011 federal return Certain railroad employees (such as engineers, conductors, train crews, dispatchers, and control operations personnel) who are under Federal Railroad Administration regulations. Amend 2011 federal return Certain merchant mariners who are under Coast Guard regulations. Amend 2011 federal return What Entertainment Expenses Are Deductible? This section explains different types of entertainment expenses you may be able to deduct. Amend 2011 federal return Entertainment. Amend 2011 federal return   Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation. Amend 2011 federal return Examples include entertaining guests at nightclubs; at social, athletic, and sporting clubs; at theaters; at sporting events; on yachts; or on hunting, fishing, vacation, and similar trips. Amend 2011 federal return   Entertainment also may include meeting personal, living, or family needs of individuals, such as providing meals, a hotel suite, or a car to customers or their families. Amend 2011 federal return A meal as a form of entertainment. Amend 2011 federal return   Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. Amend 2011 federal return A meal expense includes the cost of food, beverages, taxes, and tips for the meal. Amend 2011 federal return To deduct an entertainment-related meal, you or your employee must be present when the food or beverages are provided. Amend 2011 federal return    You cannot claim the cost of your meal both as an entertainment expense and as a travel expense. Amend 2011 federal return    Meals sold in the normal course of your business are not considered entertainment. Amend 2011 federal return Deduction may depend on your type of business. Amend 2011 federal return   Your kind of business may determine if a particular activity is considered entertainment. Amend 2011 federal return For example, if you are a dress designer and have a fashion show to introduce your new designs to store buyers, the show generally is not considered entertainment. Amend 2011 federal return This is because fashion shows are typical in your business. Amend 2011 federal return But, if you are an appliance distributor and hold a fashion show for the spouses of your retailers, the show generally is considered entertainment. Amend 2011 federal return Separating costs. Amend 2011 federal return   If you have one expense that includes the costs of entertainment and other services (such as lodging or transportation), you must allocate that expense between the cost of entertainment and the cost of other services. Amend 2011 federal return You must have a reasonable basis for making this allocation. Amend 2011 federal return For example, you must allocate your expenses if a hotel includes entertainment in its lounge on the same bill with your room charge. Amend 2011 federal return Taking turns paying for meals or entertainment. Amend 2011 federal return   If a group of business acquaintances takes turns picking up each others' meal or entertainment checks primarily for personal reasons, without regard to whether any business purposes are served, no member of the group can deduct any part of the expense. Amend 2011 federal return Lavish or extravagant expenses. Amend 2011 federal return   You cannot deduct expenses for entertainment that are lavish or extravagant. Amend 2011 federal return An expense is not considered lavish or extravagant if it is reasonable considering the facts and circumstances. Amend 2011 federal return Expenses will not be disallowed just because they are more than a fixed dollar amount or take place at deluxe restaurants, hotels, nightclubs, or resorts. Amend 2011 federal return Allocating between business and nonbusiness. Amend 2011 federal return   If you entertain business and nonbusiness individuals at the same event, you must divide your entertainment expenses between business and nonbusiness. Amend 2011 federal return You can deduct only the business part. Amend 2011 federal return If you cannot establish the part of the expense for each person participating, allocate the expense to each participant on a pro rata basis. Amend 2011 federal return Example. Amend 2011 federal return You entertain a group of individuals that includes yourself, three business prospects, and seven social guests. Amend 2011 federal return Only 4/11 of the expense qualifies as a business entertainment expense. Amend 2011 federal return You cannot deduct the expenses for the seven social guests because those costs are nonbusiness expenses. Amend 2011 federal return Trade association meetings. Amend 2011 federal return   You can deduct entertainment expenses that are directly related to and necessary for attending business meetings or conventions of certain exempt organizations if the expenses of your attendance are related to your active trade or business. Amend 2011 federal return These organizations include business leagues, chambers of commerce, real estate boards, trade associations, and professional associations. Amend 2011 federal return Entertainment tickets. Amend 2011 federal return   Generally, you cannot deduct more than the face value of an entertainment ticket, even if you paid a higher price. Amend 2011 federal return For example, you cannot deduct service fees you pay to ticket agencies or brokers or any amount over the face value of the tickets you pay to scalpers. Amend 2011 federal return Exception for events that benefit charitable organizations. Amend 2011 federal return   Different rules apply when the cost of a ticket to a sports event benefits a charitable organization. Amend 2011 federal return You can take into account the full cost you pay for the ticket, even if it is more than the face value, if all of the following conditions apply. Amend 2011 federal return The event's main purpose is to benefit a qualified charitable organization. Amend 2011 federal return The entire net proceeds go to the charity. Amend 2011 federal return The event uses volunteers to perform substantially all the event's work. Amend 2011 federal return    The 50% limit on entertainment does not apply to any expense for a package deal that includes a ticket to such a charitable sports event. Amend 2011 federal return Example 1. Amend 2011 federal return You purchase tickets to a golf tournament organized by the local volunteer fire company. Amend 2011 federal return All net proceeds will be used to buy new fire equipment. Amend 2011 federal return The volunteers will run the tournament. Amend 2011 federal return You can deduct the entire cost of the tickets as a business expense if they otherwise qualify as an entertainment expense. Amend 2011 federal return Example 2. Amend 2011 federal return You purchase tickets to a college football game through a ticket broker. Amend 2011 federal return After having a business discussion, you take a client to the game. Amend 2011 federal return Net proceeds from the game go to colleges that qualify as charitable organizations. Amend 2011 federal return However, since the colleges also pay individuals to perform services, such as coaching and recruiting, you can only use the face value of the tickets in determining your business deduction. Amend 2011 federal return Skyboxes and other private luxury boxes. Amend 2011 federal return   If you rent a skybox or other private luxury box for more than one event at the same sports arena, you generally cannot deduct more than the price of a nonluxury box seat ticket. Amend 2011 federal return   To determine whether a skybox has been rented for more than one event, count each game or other performance as one event. Amend 2011 federal return For example, renting a skybox for a series of playoff games is considered renting it for more than one event. Amend 2011 federal return All skyboxes you rent in the same arena, along with any rentals by related parties, are considered in making this determination. Amend 2011 federal return   Related parties include: Family members (spouses, ancestors, and lineal descendants), Parties who have made a reciprocal arrangement involving the sharing of skyboxes, Related corporations, A partnership and its principal partners, and A corporation and a partnership with common ownership. Amend 2011 federal return Example. Amend 2011 federal return You pay $3,000 to rent a 10-seat skybox at Team Stadium for three baseball games. Amend 2011 federal return The cost of regular nonluxury box seats at each event is $30 a seat. Amend 2011 federal return You can deduct (subject to the 50% limit) $900 ((10 seats × $30 each) × 3 events). Amend 2011 federal return Food and beverages in skybox seats. Amend 2011 federal return   If expenses for food and beverages are separately stated, you can deduct these expenses in addition to the amounts allowable for the skybox, subject to the requirements and limits that apply. Amend 2011 federal return The amounts separately stated for food and beverages must be reasonable. Amend 2011 federal return You cannot inflate the charges for food and beverages to avoid the limited deduction for skybox rentals. Amend 2011 federal return What Entertainment Expenses Are Not Deductible? This section explains different types of entertainment expenses you generally may not be able to deduct. Amend 2011 federal return Club dues and membership fees. Amend 2011 federal return   You cannot deduct dues (including initiation fees) for membership in any club organized for: Business, Pleasure, Recreation, or Other social purpose. Amend 2011 federal return This rule applies to any membership organization if one of its principal purposes is either: To conduct entertainment activities for members or their guests, or To provide members or their guests with access to entertainment facilities, discussed later. Amend 2011 federal return   The purposes and activities of a club, not its name, will determine whether or not you can deduct the dues. Amend 2011 federal return You cannot deduct dues paid to: Country clubs, Golf and athletic clubs, Airline clubs, Hotel clubs, and Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions. Amend 2011 federal return Entertainment facilities. Amend 2011 federal return   Generally, you cannot deduct any expense for the use of an entertainment facility. Amend 2011 federal return This includes expenses for depreciation and operating costs such as rent, utilities, maintenance, and protection. Amend 2011 federal return   An entertainment facility is any property you own, rent, or use for entertainment. Amend 2011 federal return Examples include a yacht, hunting lodge, fishing camp, swimming pool, tennis court, bowling alley, car, airplane, apartment, hotel suite, or home in a vacation resort. Amend 2011 federal return Out-of-pocket expenses. Amend 2011 federal return   You can deduct out-of-pocket expenses, such as for food and beverages, catering, gas, and fishing bait, that you provided during entertainment at a facility. Amend 2011 federal return These are not expenses for the use of an entertainment facility. Amend 2011 federal return However, these expenses are subject to the directly-related and associated tests and to the 50% limit , all discussed earlier. Amend 2011 federal return Expenses for spouses. Amend 2011 federal return   You generally cannot deduct the cost of entertainment for your spouse or for the spouse of a customer. Amend 2011 federal return However, you can deduct these costs if you can show you had a clear business purpose, rather than a personal or social purpose, for providing the entertainment. Amend 2011 federal return Example. Amend 2011 federal return You entertain a customer. Amend 2011 federal return The cost is an ordinary and necessary business expense and is allowed under the entertainment rules. Amend 2011 federal return The customer's spouse joins you because it is impractical to entertain the customer without the spouse. Amend 2011 federal return You can deduct the cost of entertaining the customer's spouse. Amend 2011 federal return If your spouse joins the party because the customer's spouse is present, the cost of the entertainment for your spouse is also deductible. Amend 2011 federal return Gift or entertainment. Amend 2011 federal return   Any item that might be considered either a gift or entertainment generally will be considered entertainment. Amend 2011 federal return However, if you give a customer packaged food or beverages that you intend the customer to use at a later date, treat it as a gift. Amend 2011 federal return   If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. Amend 2011 federal return You can treat the tickets as either a gift or entertainment, whichever is to your advantage. Amend 2011 federal return   You can change your treatment of the tickets at a later date by filing an amended return. Amend 2011 federal return Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. Amend 2011 federal return   If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Amend 2011 federal return You cannot choose, in this case, to treat the tickets as a gift. Amend 2011 federal return Prev  Up  Next   Home   More Online Publications
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The Amend 2011 Federal Return

Amend 2011 federal return It's easy, accurate and fast. So why would you file your taxes any other way? Amend 2011 federal return Old fashioned paper tax forms have been around for decades, but it might be time for them to go the way of the dodo. Who wants to wait for weeks to get their check in the mail when you can just efile your tax return electronically with the IRS and start enjoying your refund in as little as 7 days. Amend 2011 federal return If you consider the money the IRS holds on to while you wait for your refund as an interest free loan, then you’ll realize that you are losing money. No one other than the IRS can get an interest free loan and that doesn’t seem fair, does it? Enter the internet age. Commercial companies have been moving online for years now - when was the last time you've mailed a check or received a paper statement from your bank? Now, even the government sites are starting to get with the program and are offering quick and easy efile to everyone. Here are a few reasons why I switched to efile; maybe it’s time you do to!