An estimated five million businesses will be able to file their business tax returns via the Internet this year, thanks to an agreement between Internet Programming & Consulting (formerly Taxsoft) and the Internal Revenue Service (IRS). Internet Programming & Consulting (IPC) announced the deal on March 4, 2002.
Under the terms of the agreement, IPC will promote the electronic filing of business tax returns, including Form 1065, U.S. Partnership Return of Income, and Form 1041, U.S. Income Tax Return for Estates and Trusts. Company spokesperson Edward Segal said IPC's web site www.taxsoftware.com is believed to be the first and only service that allows businesses to prepare, print, and submit these two forms via the Internet.
Form 1041 is expected to be available for e-filing after the IRS tests it within the next two weeks. Businesses will be able to e-file Form 1120S, U.S. Income Tax Return for an S Corporation, beginning in 2004, when the IRS debuts the Form 1120/1120S e-file program.
Under terms of its agreement with the IRS, IPC and the IRS will include reciprocal links to each other's web sites. IPC has included its prices and the IRS's filing schedule in its press release.