Internal Revenue Service chief Mark W. Everson has told businesses not to expect a postponement of the date when e-filing for large corporations becomes mandatory, despite protestations from tax executives that their systems will not be ready in time to meet next year’s deadline.
In an address to the Tax Executives Institute, Everson expressed confidence that private software vendors will have resolved all technical issues prior to the implementation of mandatory corporate e-filing in January, and reacted angrily to jibes from the audience that he was somewhat over-optimistic in his appraisal of the matter.
"You people do not hesitate to demand tax changes like the JOBS act and ask the IRS to implement technology and issue guidance in 40 days so that we can help you save your billions of dollars," Everson remarked.
"The IRS doesn't laugh when those changes happen. We go out and do the job," he added.
IRS regulations require that all corporations with assets of more than $50 million and non-profits and tax-exempt groups with more than $100 million in assts will have to file their tax returns electronically, a move that will affect around 11,000 organizations.
However, private groups remain skeptical that systems will be up and running by the deadline. Testifying on behalf of the TEI at an IRS public hearing on mandatory e-filing last month, Paul O’Connor, Vice President of Taxes for Millipore Corporation stated that this timescale was unfeasible.
“Regrettably, based on discussions involving IRS officials, taxpayers, and software vendors, we have concluded that the IRS has mandated the impossible, at least for the bulk of the companies represented by TEI’s membership,” he observed.
“Stated simply, most of our members use multiple software programs to prepare the various components of their tax returns, and no program currently exists — or is likely to exist for at least a year — to integrate or aggregate the data from the array of programs currently used,” Mr O’Connor explained.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment