eFire: A digital solution for the preparation of your forthcoming QI reporting (Tax Year 2020)
07 January 2021
eFire is a user-friendly, reliable and comprehensive QI reporting solution that offers a convenient way to complete and file Information Return Forms 1042-S and Tax Returns Form 1042.
By using eFire, you will be able to:
- Work directly on an user-friendly interface for the preparation of:
- The Form 1042-S records to be electronically submitted to the IRS,
- The Form 1042,
- The Form 1042 Schedule Q (new feature available for QDD QIs),
- The requests of extension of time to file, i.e. Forms 8809 and 7004.
- Avoid common errors during the preparation process through the use of comprehensive algorithms embedded in the software tool,
- Amend the submitted records with a simple click,
- Keep an overview during the QI reporting preparation process on the different steps, from the preparation phase to the submission of the records to the IRS,
- Rely on the eFire team to process the electronic request of extension of time to file (Form 8809), upload the files on the IRS FIRE System platform and liaise with the IRS in case of technical issues,
- Outsource the annual updates of the QI electronic reporting file format as set forth in IRS Publication 1187 to a QI Subject Matter Expert team.
Join BDO’s QI Community to smoothen your QI reporting process and be ready for the forthcoming QI Certification!
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