IRS Strikes Deal on Web-Filing for 1065s and 1041s

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.

-Rosemary Schlank

You may like these other stories...

Regulatory compliance, risk management and cost-cutting are the big heartburn issues for finance execs in the C-suite. Yet financial planning and analysis—a key antacid—is insufficient.That's just one of the...
Continuing its efforts to simplify accounting procedures, the FASB has issued a proposed Accounting Standards Update on customer fees paid in a cloud computing arrangement. The newly-proposed update (Intangibles—...
How are you planning? What tools do you use (or fail to use) for forecasting? PlanGuru is a business budgeting, forecasting, and performance review software company based in White Plains, N.Y. AccountingWEB recently spoke...

Already a member? log in here.

Upcoming CPE Webinars

Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.