Final Regulations Released for Business E-filers

Changes are coming for certain business e-filers, but not until 2024. The Department of Treasury and the IRS have released final regulations for those filings returns and other important documents electronically.

According to the IRS website, those to be affected include those that file 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. The final regulations reflect changes made by the Taxpayer First Act (TFA) to increase e-filing without undue hardship on taxpayers.

We encourage you to click here to review all of the regulations so you can be aware of how they will affect you.  The IRS is putting many new practices and tools in place to help with this process.

IRS and Treasury issue final regulations on e-file for businesses | Internal Revenue Service

Keep in mind, the IRS shares that final regulations generally provide hardship waivers for filers that would experience hardship in complying with the e-filing requirements and administrative exemptions from the e-filing requirements to promote effective and efficient tax administration.

Please reach out to Holbrook & Manter with any questions you may have about this matter.