IRS removes some corporate e-file hurdles
The IRS published rules today in the Federal Register to eliminate some regulatory barriers to online business tax filing.<br>
The IRS published rules today in the Federal Register that are effective immediately to eliminate some regulatory barriers to online business tax filing. The regulations are part of a 10-year plan to increase electronic filing by individuals, corporations, partnerships and other businesses. IRS has set a goal of 80 percent electronic filing by 2007. The IRS Oversight Board said earlier this week that meeting that target date would be difficult because businesses cannot complete many tax forms online The provisions scrap third-party signatures on some IRS forms and attachments or statements required from third parties on others. They also eliminate for some forms a separate sheet for taxpayer signatures that formerly had to be filed as an attachment to returns.The regulations affect taxpayers that file:
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Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation
Form 972, Consent of a Shareholder to Include Specific Amount in Gross Income
Form 973, Corporation Claim for Deduction for Consent Dividends
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
Form 1120, U.S. Corporation Income Tax Return
Form 1120S, U.S. Income Tax Return for an S Corporation
Form 1122, Authorization and Consent of Subsidiary Corporation to be Included in a Consolidated Income Tax Return
Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations
Form 5712-A, Election and Verification of the Cost Sharing or Profit Split Method Under Section 936(h)(5)
Form 8832, Entity Classification Election.
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