Did you know that there are a number of business returns that can be filed
electronically? Thousands of business taxpayers have already identified the
advantages of participating in the IRS e-file program. Returns are
processed more quickly, more accurately, with fewer errors, saving taxpayers
and preparers time and worry since IRS sends an electronic acknowledgement
with each return received.
The most commonly used business returns can currently be filed electronically.
In addition, there will be two new e-file products available in early 2004.
Form 1041, U.S. Income Tax Return
for Estates and Trusts
The 1041 e-file program allows the electronic filing of Form 1041 including
31 forms and schedules. The return can be submitted by an approved third-party
software developer, preparer or transmitter. There are a number of Approved
IRS e-file Providers listed on our website at www.irs.gov. Just click
on IRS e-file. It is a good idea to check this website periodically
since it is updated frequently as new providers are added.
Form 1065, U.S. Return of Partnership
Income
The 1065 e-file program allows the electronic filing of Form 1065 including
57 forms and schedules. The return can be submitted by the partnership, an
approved third-party software developer, preparer or transmitter. Section
1224 of the Taxpayer Relief Act of 1997 requires partnerships with more than
100 partners to file their return electronically. However, partnerships with
100 or less partners can voluntarily participate in the Form 1065 e-file program.
For a listing of Approved IRS e-file Providers, please check our
website at www.irs.gov and click on IRS e-file. You should periodically
check this website since it is updated frequently as new providers are added.
Form 940, Employers Annual Federal Unemployment
(FUTA) Tax Return and
Form 941, Employer’s Quarterly Federal
Tax Return
The New Employment Tax e-file System, launched in January 2003,
offers an improved way to file for current 940/941 e-file and on-line filers.
For the first time, Electronic Return Originators (EROs) will have the ability
to offer employment tax filing to their clients. To get specific details about
this program, as well as a listing of Approved IRS e-file Providers,
visit our website at www.irs.gov and click IRS e-file.
The IRS on-line filing program for Forms 940/941 is available to business
filers. The on-line program, is a web-based program and allows business filers
to prepare, sign and file Forms 940/941 using a third-party software developer
or transmitter. A listing of Approved IRS e-file Providers is located
at our website at www.irs.gov. Just click on IRS e-file. It would
be a good idea to check this site periodically as new providers are added
frequently.
Information Returns
Certain information returns can be filed electronically using the FIRE
(Filing Information Returns Electronically) system. FIRE is dedicated exclusively
to the filing of Forms 1042-S, 1098, 1099, 5498, 8027, W-2G and QWF (Questionable
Forms W-4). For detailed information about filing information returns electronically
as well as a listing of Approved IRS e-file Providers, check our
website at www.irs.gov and click on IRS e-file.
EFTPS
The Electronic Federal Tax Payment System (EFTPS) is a free service provided
by the U.S. Department of Treasury that allows individual and business taxpayers
to pay all their Federal taxes electronically including income, payroll, estimated
and excise taxes. Electronic payments can be made using the internet or by
phone. In order to participate in EFTPS you must enroll. To find out how you
can enroll, visit the EFTPS website at www.eftps.gov,
or by calling 1-800-945-8400 or 1-800-555-4477.
Form 8633 – Application to Participate
in IRS e-file Program
As of August 1, 2003, preparers of both individual and business tax returns
now have the opportunity to apply to become Electronic Return Originators
(EROs) year-round, using Form 8633, (Application to Participate in the IRS e-file Program).
Accepted e-file providers may continue to use this form throughout the year
to revise and update information previously submitted on an earlier application.
Applying on-line to become an ERO will be another change for both individual
and business returns. The on-line application process will be part of a suite
of e-services offered to tax professionals. Participants must register to
create an electronic account. To find out when the on-line e-file application
will be available, visit www.irs.gov and click on the IRS Form CT-1(PDF) for Tax Professionals page.
Form 1120, U.S. Corporation Income Tax
Return and
Form 1120S, U.S. Income Tax Return for
an S Corporation
The 1120 e-file program completed February, 2004. Release 1 will
contain 53 forms and schedules and Release 2, scheduled for Mid 2004, will
contain the remaining 44 forms. Business taxpayers who file Form 1120/1120S
may e-file their return through an Approved IRS e-file Provider.
A listing of approved providers is available on our website at www.irs.gov.
Just click on IRS e-file.
Form 990, Return of Organization Exempt
from Income Tax
Form 990–EZ, Short Form Return
of Organization Exempt from Income Tax
Form 1120–POL, U.S. Income Tax
Return for Certain Political Orgainizations
Form 8868, Application for Extension
of Time to File an Exempt Organization Return
The Exempt Organization e-file Program is scheduled to launch in early
2004. Release 1 will include Forms 990, 990–EZ, 1120–POL and 8868.
The Forms 990–PF and 990–T will be released in the near future.
Exempt taxpayers who file Form 990/990–EZ/1120–POL may e-file
their return through an Approved IRS e-file Provider. For details
and a listing of approved providers, visit our website at www.irs.gov and
click on IRS e-file.
