Small Firms Flock to IRS E-Filing

The IRS announced that nearly 800,000 small businesses have chosen to electronically file their tax returns this year.

The more than 42,000 large corporations that have already "e-filed" this year exceeds the approximately 22,000 that were required to file by the Sept. 17 deadline.

Small businesses have no electronic filing requirement.

"This is a record-breaking year for electronically filed returns by corporations and businesses," said Acting IRS Commissioner Linda Stiff. "We will continue to work with the business community, tax practitioners and the software industry to improve this important program."

Beginning in 2006, certain corporations that had assets greater than $50 million were required to file their basic tax forms electronically. Approximately 15,500 of them filed their returns electronically last year. Starting in 2007, certain businesses with assets of more than $10 million had to file electronically.

"Corporations of all sizes are seeing the long range advantages of integrating their tax filing in an electronic environment along with their tax and financial accounting," said IRS Treaty Administration Director Elvin Hedgpeth. "While large and mid-size corporations are required to e-file, many small corporations are seeing the advantages of e-filing voluntarily."

By Sharon McLoone |  October 26, 2007; 9:30 AM ET
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