The Internal Revenue Service has released drafts of the updated income tax forms for corporations and partnerships, and is asking for comments before it finalizes the changes for tax year 2008 and beyond.
The IRS said the changes will help it focus its compliance efforts better, but the agency also wants to find out how the changes would affect the burden on taxpayers. The main change to Form 1120 corporate returns involves ownership. The IRS wants businesses to identify entities that own 10 percent or more of the corporation and individuals who own 50 percent or more.
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