Washington (April 1, 2004) -- Charitable organizations and most corporations can ditch paper returns -- for the first time, corporations and tax-exempt organizations can file Forms 1120 and 990 electronically, the Internal Revenue Service announced.
The release of the new electronic filing system is the first Extensible Markup Language-based system the IRS has used to receive tax returns over the Internet. The new system provides corporations and tax-exempt organizations the option to transmit tax return data using a secure Internet connection in place of a modem.
"The successful launch of this modernized e-file process means charitable organizations and most corporations can stop filing massive paper returns," said IRS Commissioner Mark Everson.
Taxpayers and tax professionals can prepare the returns using IRS-approved software. The returns are then transmitted to the IRS through a secure Internet site that is accessible only to registered users. Practitioners will have the ability to attach PDF documents to returns and, in future releases, will be able to file federal and multiple-state returns in a single electronic transmission, the IRS said.
-- WebCPA staff
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