Tuesday, May 30, 2006

Internal Revenue Makes It Easier for Corporations to e-File

The IRS recently adjusted corporate regulations to reduce the difficulty in filing an e-return for corporations and their shareholders. Commissioner Mark Everson called the adjustment a "win-win" by reducing obsolete paperwork while meeting IRS information needs. As an example, Section 351 transfers used to require virtually every shareholder to complete 18 information items (the corporation had 20). Now, considerably fewer items are required from shareholders--name, employer ID, date of transfer, market value and basis of property on date of transfer and date of private letter ruling (if applicable). Additionally, the number of shareholders required to file has been reduced and signiture verification requirements have been streamlined.

In a time when tax compliance can be a real pain, congratulations and good job to the IRS for simplifying corporate e-filing!


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