The Internal Revenue Service has seen a 60 percent increase so far this year in electronic filing of tax returns by small businesses and large corporations.
The IRS said that more than 780,000 small businesses electronically filed their tax returns this year, a 50 percent jump from last year. More than 42,000 large corporations also e-filed their returns, up from 22,000 last year.
"This is a record-breaking year for electronically filed returns by corporations and businesses," said Acting IRS Commissioner Linda Stiff in a statement.
The reason behind the increase has been tougher requirements by the IRS that mandate e-filing. Starting in 2006, certain corporations with assets of more than $50 million were required to file the Form 1120 and 1120-S electronically. Beginning in 2007, certain corporations with assets of more than $10 million were also required to file electronically.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access