E-filing for corporations and exempt organizations
Corporate income tax returns (Form 1120) and annual information returns (Form 990 series) may now be filed electronically using a secure Internet connection accessible only to registered users. Taxpayers and tax professionals can prepare the returns using IRS-approved software developed by one of several software companies.

Advantages of this improved process include

• the ability to attach documents to returns in Portable Document Format (PDF)
  
  
• error messages are quickly delivered and easier to understand
  
  
• returns are processed upon receipt and an IRS return message confirms that the return has been filed.

Further information:
www.irs.gov/newsroom/article/0,,id=121573,00.html
...back to 1 April 2004

US corporation income tax return
In an effort to increase the transparency of corporate tax return filings, the Treasury Department and Internal Revenue Service have released a new proposed draft form, Schedule M-3 Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More for use by certain corporate taxpayers filing Form 1120 U.S. Corporation Income Tax Return. The new Schedule M-3 would expand the current Schedule M-1, which has not been updated in several decades.

The Treasury and IRS expect that the proposed Schedule M-3 will be finalized for use with federal income tax returns for tax years ending on or after December 31, 2004. Comments are requested by April 30, 2004 regarding the proposed Schedule M-3, including suggestions on ways to minimize taxpayer burden.

Further information:
www.irs.gov/newsroom/article/0,,id=120010,00.html
...back to 29 January 2004