IRS EASES LATE S CORP ELECTIONS
The Internal Revenue Service has given businesses a simpler process for requesting relief for late elections. Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both simultaneously. The change is effective for taxable years ending on or after Dec. 31, 2007. However, the requirement for filing Form 2553 to establish the election in advance of filing the initial Form 1120S remains in effect.
The new process will save time for taxpayers who can establish a reasonable cause for making a late election. Form 2553 will be updated to reflect the new rules. Taxpayers who file the paper version of the form need to download the most recent revision from www.irs.gov. The form can also be attached to an electronically filed Form 1120S.
RED WING INTROS E-FILING SERVICE
Red Wing Software is introducing a new service that allows users to file and access W-2s online.
Express eFiling works directly from Red Wing's payroll products and is provided by its e-filing partner, Aatrix. Users generate W-2 information directly from their Red Wing payroll program to an electronic W-2 form, which is then sent to Aatrix, which files the W-2s with the appropriate state and federal agencies.
Once filed, W-2s can be distributed immediately to current and former employees via a secure Web site. Express eFile service is available for CenterPoint Payroll, Red Wing Payroll, Controller Payroll and Perception Payroll.
Express eFiling costs $0.99 per employee. With Red Wing's Complete eFiling service, W-2 forms are automatically e-filed, as well as printed and mailed directly to employees and posted to a secure Web site, for $1.79 per employee. For more, visit www.redwingsoftware.com.
