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To: g_m10 who wrote (815)	11/30/1997 2:20:00 PM
From: TLindt	Respond to of 8545

It is great, but what does business have to show to IRS when they come to audit? From my Investor Insight Files....kinda gives you an idea about where the IRS is going (E-Commerce vs. Paper)....no more pay stubs? Excerpt from News.......... Intuit -2: Making Tax-Filing Process Electronic In the tax software arena, Intuit is developing tools to make the entire tax filing process electronic. The company's TurboTax tax preparation product already allows users to calculate and file taxes electronically with the Internal Revenue Service. Intuit in fact expects to process close to 1 million electronic tax filings this coming tax season. But now Intuit is also working with the IRS to eliminate the need for electronic filers to also mail a signature form hard copy to the agency. And Intuit plans to pilot an electronic connection that will allow banks, brokerages and employers to send tax forms and receipts to filers online by the 1999 tax season. Intuit's Harris pointed out that transferring information electronically reduces errors since "you introduce the possibility of error every time information is re-keyed." He said paper-filed returns have about a 20% error rate, while electronically-filed returns have about a 1% error rate. Harris noted that Intuit is in fact working with the IRS to develop its electronic tax filing products since the agency is "groaning under the pressure" of processing the country's taxes. "The IRS is our partner because they try to shovel two billion pieces of paper each year," he said. "And they can recognize great efficiencies if they can process these returns electronically." The IRS is trying to provide people with incentives to file electronically - by extending the electronic filing deadline by a month, for instance. Intuit is also planning to introduce a Web-based payroll service to work with its QuickBooks software program, which - among other things - calculates and prints paychecks on site. The new service, which will be introduced next summer, will make the entire payroll process electronic and will handle online tax filings and direct deposit accounts. Intuit is already operating as an online insurance marketplace through its Quicken InsureMarket service. InsureMarket provides information about different types of insurance, insurance products and price quotes, and allows people to apply for and even purchase policies online. Participating insurance companies include Allstate Corp. (ALL), State Farm Life Insurance Co., Prudential Insurance Co. of America, Travelers Group (TRV), Metropolitan Life Insurance Co. and Zurich Insurance Group Co. (ZURRY). The service is already selling life insurance, which vice president Fisher said is generating significant volume. Intuit plans to introduce auto insurance early next year and add homeowner insurance and small business insurance in the future. Intuit is also developing an online mortgage lending service, which will provide information about different lenders, mortgage rates and types of loans, and allow borrowers to prequalify and apply for a loan with participating lenders electronically. Among the interactive tools featured are "How Much Home Can You Afford?" and "Should You Refinance Today?" "This does everything that would be done at a mortgage broker," Harris said. "Dow Jones News Service" "Copyright(c) 1997, Dow Jones & Company, Inc."