Both are similar to the 941e-file and 941OLF options. There is no 940TeleFile at this time. The 940OLF program is an IRS e-file option designed to facilitate the electronic filing of Form 940, by business taxpayers submitting one or more Form 940 for themselves to IRS using approved Third Party Transmitters. The 940OLF program requires participants to file an electronic LoA, available in the 940OLF tax preparation software package, through a designated transmitter. The 940e-file and 940OLF programs conduct security checks, send electronic acknowledgements and build records to be processed by current IRS computer systems.
Electronic security ensures the confidentiality of taxpayer data.
Speed Processing time reduced to one week. Acknowledgment records returned within 48 hours. No paperwork delays. Information quickly available to IRS Customer Service sites. Flexibility Electronic signature means less paperwork.