Large US Businesses Make The Transition To E-Filing

by Glen Shapiro, LawAndTax-News.com, New York

17 March 2006

The Internal Revenue Service last week announced that more than 450 of the nation’s largest corporations have electronically filed taxes in advance of the March 15 filing date.

Large corporate taxpayers, those with $50 million or more in assets that file at least 250 returns, are required to e-file this year.

“We are pleased that large corporations have started making the transition from filing paper to electronic tax returns,” explained Deborah Nolan, Commissioner of the Large and Mid-Size Business Division (LMSB) of the Internal Revenue Service, continuing:

“We have worked closely with stakeholder groups representing corporations, tax professionals and the e-file software industry to develop e-file systems and processes that meet their needs.”

The IRS expects more than 10,000 large corporations to e-file by the extended filing date of Sept. 15, 2006.

Meanwhile, in the first release of individual tax filing statistics for this year, the Internal Revenue Service announced on Tuesday that electronically filed returns had increased, led by a big increase in home computer use.

Through early March, more than 39.5 million taxpayers have e-filed this year. Home computer use is up 16.5 percent, with e-filing by tax professionals up nearly 4 percent, according to the IRS.

Out of 54 million personal tax returns filed so far this year, e-filing represents 73 percent of the total returns.

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