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New Biz Efiling Regs Issued

Circuit board Regulations that lower the threshold for the number of returns annully filed by each business from 250 to 10 in 2024 have been issued by the Internal Revenue Service. The new regulations also require aggregating a variety of information return types to determine applicabillity.

T.D. 9972 affects filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports and certain excise tax returns. 

There also create several new regulations to require e-filing of certain returns and other documents not previously efiled. Filers must aggregate almost all information return types to determine the 10-return threshold

The move also eliminates the e-filing exception for income tax returns of corporations that report total assets under $10 million at the end of their taxable year and requires partnerships with more than 100 partners to e-file information returns. partnerships required to file at least 10 returns of any type during the calendar year must e-filer partnership returns. 

A free portal has been created for filing For 1099 information returns—the Information Returns Intake System requires no special software. 

In 2021, about 82 percent of corporate returns and almost 90 percent of partnership tax returns were e-filed. The final regulations generally provide hardship waivers for filers that would experience hardship in complying.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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