The American Institute of CPAs will urge the Internal Revenue Service to delay, by at least a year, implementation of mandatory electronic filing procedures for large corporations and exempt organizations at a hearing before the IRS on March 16, 2005.
The IRS's recently released regulations will generally require corporations with total assets of $50 million or more and tax-exempt organizations with total assets of $100 million or more to e-file their tax returns to the IRS starting in January 2006. In addition, smaller corporations and exempt organizations face an e-filing requirement starting in January 2007 under the regulations.
Beginning in January 2007, corporations and exempt organizations with total assets of $10 million or more and all private foundations and charitable trusts, regardless of asset size, will generally be required to electronically file tax returns.
See full Article.