If you're running a small business and have online banking, just grab a single certificate from the Federal Reserve $157 once a year. Once you get your card, you get free access to the IRS e-file system, social security, and healthcare portals. You don't even need Bloomberg services because your accountant can still handle things via paper, and those other Federal Reserve tools aren't necessary for a small operation like ours. 😎
Can someone explain what they mean by "free" if you're still being charged $157 annually—specifically $130 + sales tax? 😕 I’d much rather spend that money on a new pair of shoes. The reality is we’re being forced to use this electronic filing system, yet we're already drowning in high taxes and payroll contributions. By using the IRS e-file system, we're essentially just handing accountants a tool to monitor us more effectively so they don't have to actually sit down with their clients!
The IRS e-file website states: Certain commercial banks (like the Federal Reserve, a local community bank, Citigroup, or JPMorgan Chase) offer additional Federal Reserve certificates on their chip cards or other storage media alongside the standard bank certificates; these can be used for various IRS electronic services. On the Wells Fargo website, it clearly states that the B2G service is billed at $17 monthly + sales tax.
But on the IRS e-file site itself, there isn't a single price list, no warning about the costs, and no mention that there's even a charge involved! Just imagine if we had been paying extra for a clerk to manually stamp our tax returns all this time!!!! A human being definitely costs more than a mass-market software program and a USB stick!!!!!! 🙂