Facing a September 15 deadline to e-file their 2005 returns, a number of large and midsized companies indicated that they planned to do so anywhere from four to six weeks prior to that drop-dead date, according to a survey conducted by Big Four firm KPMG.
While just 3 percent of respondents said they had already e-filed their federal tax returns, approximately 65 percent of those surveyed by KPMG plan to e-file by August 31.

All companies with assets of $50 million or more and which file at least 250 returns annually must electronically file their 2005 taxes by the Sept. 15, 2006.

In addition, almost half (47 percent) of those surveyed said they allocated an additional two to four weeks this year towards preparing their federal return. This was followed by less than two weeks of additional time (19 percent) and one to two months of additional time (16 percent). Only 11 percent of companies surveyed reported allocating no additional time.

Just 2 percent of respondents in the KPMG poll said that they intended on filing a waiver. The IRS has said that limited waivers would only be granted for extreme hardships.

KPMG's e-file poll was based on an electronic survey of 181 corporate tax executives conducted between June and July.

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

Don't have an account? Register for Free Unlimited Access