The Internal Revenue Service said that Form 1120-A, U.S. Corporation Short-Form Income Tax Return, is now obsolete.
For tax years beginning after Dec. 31, 2006, the form can no longer be filed. For the 2007 tax year, all domestic corporations, unless they are required to file a special return, must file Form 1120, U.S. Corporate Income Tax Return.
The move comes as the IRS pushes for more detailed disclosures from companies of their tax situations. However, the main reason for the change, according to the IRS, was because of the declining use of the form.
"Form 1120-A filers have been steadily decreasing in number," said Robert Marvin, an IRS spokesman.
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