US companies embrace e-filing

US companies embrace e-filing

IRS online initiative reaps rewards

More than 12,500 of the largest companies in the US have filed their 2005
corporate tax returns electronically, according to the Internal Revenue Service.

Large companies – defined as those having assets of $50m (£26m) or more
– were required to e-file their 2005 tax returns, with 15 September the extended
deadline for doing so.

In total, more than half a million corporate tax returns were filed
electronically, most on a voluntarily basis across a wide array of industries,
WebCPA reported.

In a statement, the IRS noted that many business taxpayers used commercial
software to prepare their returns, with about 400 taxpayers transmitting the
return themselves.

E-filing has been available to corporations since 2004.

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