Partnership taxpayers can electronically file now use the modernized e-File platform when filing Form 1065, “U.S. Return of Partnership Income,” and Form 1065-B, “U.S. Return of Income for Electing Large Partnerships.”
Since the 1986 tax year, the Internal Revenue Service has offered electronic filing of Form 1065 -- but the modernized platform makes use of Extensible Markup Language. The format change will allow users the additional benefits of transactional processing instead of batch processing, allowance for binary file attachments, elimination of the duplicate filing of international returns and a federal/state partnership program.
The IRS anticipates that more than 400,000 partnerships will e-file in 2007. Beginning in January 2008, modernized e-file will be the only platform available to transmit partnership returns. At that time, the IRS will also require e-filing of all 1065-B returns.
For the 2006 tax year, partnerships will have the options of using either system.
More detailed information is available at www.irs.gov/businesses/small/article/0,,id=165162,00.html.
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