Friday, October 10, 2014
Business E-File Jumps 10 Percent This Year; Doubles in 4 Years; 7 in 10 Corporate and Partnership Tax Returns Now Filed Electronically
WASHINGTON — Business e-file rose nearly 10 percent this year, continuing the growth that has seen the number of corporate and partnership returns filed electronically double in just four years, the Internal Revenue Service said today. An additional 600,000 corporations and partnerships e-filed their tax returns this year.
As of Sept. 21, more than 7 million corporations and partnerships e-filed, an increase of almost 10 percent over the prior year’s total, and twice the nearly 3.5 million returns e-filed during the 2010 fiscal year. About 70 percent of all corporate and partnership returns have been e-filed during 2014. Many corporations and partnerships operating on a calendar year receive filing extensions. The extended due date is usually Sept. 15.
Most large corporations and partnerships are required to e-file.
Large and mid-size corporations, generally those with $10 million or more in total assets, are required to electronically file their Forms 1120 or 1120S. Partnerships with more than 100 partners (Schedules K-1) are also required to e-file their tax returns. The IRS is seeing growth in e-filing by these businesses and by businesses not required to e-file.
This year, 92,494 large corporations e-filed their returns, an increase of 8.6 percent compared to the same time last year. The greatest rate of growth in e-filing among these businesses is by large partnerships. This year, 122,879 large partnerships e-filed, up more than 14 percent from the same time the year before.
Corporations and partnerships can get more information about IRS e-file at IRS.gov.