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New e-filing requirement at issue.(GOVERNMENT)(Brief Article)

Strategic Finance

| March 01, 2006 | Barlas, Stephen | COPYRIGHT 2006 Institute of Management Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The Tax Executives Institute (TEI) is pressing Congress to countermand an IRS requirement that large companies file their 2005 tax returns electronically. For tax year 2005 returns that are due in 2006, the regulations require that corporations with total assets of $50 million or more file their Forms 1120 and 1120S electronically. The electronic filing requirement applies to entities that file at least 250 returns, including income tax, excise tax, information, and employment tax returns during a calendar year. The TEI has been arguing for the past year that the regulations defining the specifics lack important details and that major corporate software vendors are unprepared with products. "This means that taxpayers using different programs are 'on ...

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