US Corporate E-File Deadline Is Tomorrow

by Leroy Baker, Tax-News.com, New York

14 March 2007

The US Internal Revenue Service has reminded certain corporations with assets of $10 million or more, and whose tax year is the calendar year, that the e-filing deadline passes tomorrow, March 15.

"We are seeing significant increases in the number of electronically filed corporate tax returns due to the e-filing requirement for certain corporate taxpayers, the availability of enhanced electronic filing software, and the benefits realized by corporate taxpayers," announced IRS Large and Mid-sized Business Commissioner Deborah M. Nolan. "E-filing brings increased efficiencies to the IRS which will ultimately benefit all taxpayers."

More than 22,000 large and mid-sized corporations with assets of $10 million or more that file at least 250 federal returns each year, such as Form W-2 and Form 1099, are now required to file electronic returns. Treasury temporary regulations requiring certain corporations to e-file became effective in January 2005, and have been phased in over a two year period.

Businesses which operate on a calendar year rather than a fiscal year basis must file their returns for the previous year or file an application for an extension by March 15, 2007. A corporate taxpayer who e-files an application for an extension using Form 7004 will receive immediate acknowledgement of that request and whether it has been accepted or rejected.

The requirement that businesses e-file their returns is determined by type of tax return to be filed, the amount of the filer's assets, and the total number of federal returns filed by the business. By the end of the first week in March, more than 1,800 large and mid-sized corporations submitted their tax returns electronically. This represents a 250% increase over the number of large and mid-sized electronic returns filed during in same period last year.

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