In just a few months, many small-to-medium sized corporations will be required to join a growing trend — e-filing, the electronic filing of their tax returns and forms such as W-2s and 1099s. It’s something that many other small businesses should consider, even if the government isn’t mandating that they do it.
The Internal Revenue Service says corporations with $10 million or more in total assets and that file 250 or more returns — which includes the annual tax forms given employees and independent contractors — will have to submit their forms for the 2006 tax year using the government’s electronic filing system. Until 2006, only corporations with $50 million or more in assets and 250 or more returns were required to e-file.
For neophytes or do-it-yourselfers, the IRS Web site can be a helpful place for information about e-filing.
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