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IRS Advances Plans For E-Filing Of Business Tax Forms

Tax-News.com, New York

05 March 2002

US software company Internet Programming & Consulting, Inc. (IPC) announced yesterday that it has signed an agreement with the Internal Revenue Service to enhance the electronic and online filing of business tax returns through its site at http://www.taxsoftware.com. Under the terms of the agreement, IPC and the IRS will include reciprocal links to each other's Web sites.

This will be the first year that businesses will be able to file Form 1041, U.S. Income Tax Return for Estates and Trusts and Form 1065, U.S. Partnership Return of Income via the Internet, and IPC company spokesperson Edward Segal said that Taxsoftware.com is believed to be the first and only service that allows businesses to prepare, print, and submit these two forms via the Internet.

Form 1041 is expected to be available for e-filing after the IRS tests it within the next two weeks. Businesses will be able to e-file Form 1120S, U.S. Income Tax Return for an S Corporation, beginning in 2004, when the IRS debuts the Form 1120/1120S e-file program. An estimated five million businesses are eligible to file tax forms electronically.

In 1997, IPC (formerly Taxsoft, Inc.) introduced Taxsoft, the first Internet-based income tax preparation software program to guarantee the privacy and security of the information people use to prepare their federal tax returns, and in 2001 IPC was the first company to introduce Internet-based business income tax preparation software program. The program was similar to the 1040PC software the company developed for the Internal Revenue Service, which was used to verify other tax preparation software and ensure compliance with tax regulations.

The fees to file forms electronically via http://www.taxsoftware.com/ are as follows:

  • $25 for each 1065 or 1041 return, including up to 100 K-1's. Companies with additional K-1's will be charged an extra $10 plus 25 cents per extra K-1.
  • Forms 1098, 1099-Series, 5498, and W2-G are free for those who have already filed their 1065 or 1041 returns at http://www.taxsoftware.com.
  • Non return-filers will be charged $10 for up to 100 forms.
  • Additional Forms 1098, 1099, 5498 and W2-G will be charged an extra $10 plus 25 cents per filing of each extra form.

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